{"id":21021,"date":"2022-05-03T12:54:43","date_gmt":"2022-05-03T10:54:43","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?page_id=21021"},"modified":"2022-05-30T11:34:13","modified_gmt":"2022-05-30T09:34:13","slug":"financial-institutions-must-stop-totalenergies-oil-and-gas-plans","status":"publish","type":"page","link":"https:\/\/reclaimfinance.org\/site\/en\/financial-institutions-must-stop-totalenergies-oil-and-gas-plans\/","title":{"rendered":"Financial institutions must stop TotalEnergies’ oil and gas plans"},"content":{"rendered":"

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TotalEnergies’ AGM<\/span><\/h1><\/span>
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\u00a0Investors must push for a climate credible plan and the end of oil and gas expansion<\/span><\/h2><\/h1><\/span>
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TOTALENERGIES: A DANGEROUS PLAN FOR THE CLIMATE<\/b><\/span><\/h1><\/span>
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Contrary to what it claims, TotalEnergies is far from being a company in transition. It continues to increase its hydrocarbon production and keeps developing new fossil projects – such as Tilenga\/EACOP and Mozambique LNG in East Africa or Arctic-LNG-2 in the Russian Arctic. Yet, the Intergovernmental Panel On Climate Change (IPCC) and the International Energy Agency (IEA) are clear: staying on a 1.5\u00b0C pathway requires to immediately stop developing new oil & gas.
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Worse, TotalEnergies hides its anti-climate strategy under the guise of a fake \u00ab\u00a0climate\u00a0\u00bb plan that it hopes its shareholders will approve during the company’s upcoming annual general meeting (AGM) on May 25, 2022. A group of 700 investors with over $68 trillions in assets under management have confirmed that TotalEnergies’ plan is as incomplete as it is unambitious. As a matter of fact, it does not prevent TotalEnergies from implementing its fossil fuel expansion strategy: with more than 70% of its capital expenditures dedicated to fossil fuels, including \u20ac2.6 to \u20ac3.2 billion per year for new projects, TotalEnergies is the leading \u00ab\u00a0expansionist\u00a0\u00bb in Europe and the 7th largest worldwide.<\/span><\/p>\n

As a result, TotalEnergies will have consumed its entire carbon budget compatible with the objective of limiting global warming to 1.5\u00b0C by 2035 and will have emitted, in 2050, 32% more greenhouse gases than this budget.<\/span><\/span><\/p>\n<\/div>

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Learn more about TotalEnergies’ climate failure<\/span><\/a><\/div><\/div><\/div><\/div><\/div>
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SHAREHOLDERS MUST VOTE AGAINST THIS FAKE CLIMATE PLAN<\/b><\/span><\/h1><\/span>
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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.
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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.<\/p>\n

TotalEnergies will again consult its shareholders on its climate plan at its upcoming AGM on May 25, 2022 <\/strong>– 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 \u00ab\u00a0Say on Climate\u00a0\u00bb votes, it is therefore also urgent that investors concretely sanction TotalEnergies’ expansion strategy.<\/p>\n

At the upcoming AGM, climate-conscious investors should:<\/strong><\/p>\n