TotalEnergies’ anti-climate strategy is powered by the complicity of financial actors. The big shareholders of TotalEnergies have a particular responsibility since they rubber-stamped the company’s fake climate plan at its last AGM in 2021.
Under the pretext of supporting the company’s transition, investors are very complacent with TotalEnergies. On the one hand, they turn a blind eye to the environmental and human devastations caused by the company’s operations in Africa and elsewhere, on the other hand, they praise the crumbs of progress conceded by the company to justify their continued support.
TotalEnergies will again consult its shareholders on its climate plan at its upcoming AGM on May 25, 2022 – none of the two shareholder resolutions on climate that were filed initially will be put to a vote. While the IPCC has reminded us of the urgency to act, investors that claim to care about the climate need to talk the talk and walk the walk: they must oppose a strategy that plans to reduce the TotalEnergies’ emissions by only -6 to -7% by 2030 while they set for themselves, an objective of halving their emissions over the same timeframe. Beyond non-binding “Say on Climate” votes, it is therefore also urgent that investors concretely sanction TotalEnergies’ expansion strategy.
At the upcoming AGM, climate-conscious investors should:
Vote against TotalEnergies’ fake climate plan.
Vote against the re-appointment of Directors, who must be held accountable for the company’s fossil expansion strategy.