Press release with Greenpeace France- Paris, 15/04/2020
This is a first in France. If passed, it should lead the oil major to phase out its activities in the oil and gas sectors.
11 shareholders of the oil and gas group Total (1), representing 1.35% of the capital, filed an environmental resolution at the company’s board of directors. This include ACTIAM, La Banque Postale Asset Management, Crédit Mutuel Asset Management, Assurances du Crédit Mutuel and Meeschaert.
This resolution requires Total “articulate a roadmap to align its activities with the provisions set forth in the Paris Agreement, and notably articles 2.1(a) and 4.1 therein, indicating (i) the appropriate targets for reduction of direct or indirect greenhouse gas emissions as an absolute value for Company activities related to production, transformation and purchase of energy products (Scope 1 and 2) and use by clients of products sold for final use (Scope 3) in the medium-, and long-term, and (ii) the measures implemented by the Company to achieve said targets”.
This resolution is now submitted to the Board of Directors for approval and, if accepted, will have to be voted on at the next General Shareholders Meeting on May the 29th.
“For the first time ever, investors are pushing the CAC 40’s largest CO2 emitter to transform its businesses in order to respond to the climate emergency. Today we must welcome the action of these 11 investors, including Banque Postale and Crédit Mutuel Asset Management or Meeschaert. But we must also notice and question the absence of the largest French investors, including BNP Paribas that is leading the engagement with Total for the CA100+” (2) comments Lucie Pinson, director of the NGO Reclaim Finance. “Faced with Total’s responsibility in the climate and environmental crisis, inaction is not an option: investors must either divest or support and vote for this resolution.”