{"id":38094,"date":"2025-09-29T00:01:23","date_gmt":"2025-09-28T22:01:23","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=38094"},"modified":"2026-01-20T11:35:34","modified_gmt":"2026-01-20T10:35:34","slug":"which-investors-refuse-to-support-totalenergies","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2025\/09\/29\/which-investors-refuse-to-support-totalenergies\/","title":{"rendered":"Which investors refuse to support TotalEnergies?"},"content":{"rendered":"

As TotalEnergies continues to develop new oil and gas projects, particularly in Africa, investors have criticized its destructive oil and gas projects and climate-wrecking strategy.(1) Far from buying the claims of TotalEnergies\u2019 CEO Patrick Pouyann\u00e9 that the company is an energy transition leader, some investors feel that the company is refusing to change despite their warnings. Reclaim Finance has taken stock of their strategies to influence TotalEnergies and other oil and gas companies and has identified more than 50 investors who have committed to no longer providing new money to the company.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

<\/i><\/i><\/span>Asset owners<\/span><\/a><\/h4><\/div>
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Country<\/b><\/th>\nExclusion from the investment portfolio<\/strong> of all or a majority of oil and gas companies, including TotalEnergies<\/th>\nNo new investments (shares and bonds)<\/strong> in oil and gas companies, including TotalEnergies<\/th>\nNo bonds investments<\/strong> in oil and gas companies, including TotalEnergies<\/th>\n<\/tr>\n<\/thead>\n
<\/td>\nAustralian Ethical, HCF, Pengana International Equities<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nCaisse de D\u00e9p\u00f4ts et de Placements du Qu\u00e9bec<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nAkademikerPension, AP Pension, Laegernes Pensionskasse, L\u00e6rernes Pension, P+ Pension Fund for Academics, PenSam, PKA<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nLemonade Insurance, New York City Retirement Systems (NYCERS, TRS, BERS)<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nIrcantec<\/td>\nAEMA \u2013 MACIF, Assurances du Cr\u00e9dit Mutuel, BPCE Assurances, CNP Assurances, Cr\u00e9dit Mutuel Ark\u00e9a – Suravenir, Groupama, MAIF, Matmut, SCOR, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Assurances<\/td>\nBNP Paribas Cardif, MACSF<\/td>\n<\/tr>\n
<\/td>\nIreland Strategic Investment Fund<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nStorebrand Fonder<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nABP, Menzis, Pensioenfonds Slagers, PFZW, PH&C, PME, PMT (2), Rail & OV, SPH, VGZ<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nCardiff and Vale of Glamorgan Pension Fund, Lambeth Pension Fund, Southwark Pension Fund, Waltham Forest Pension Fund, Wiltshire Pension Fund<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nPKBS, Stiftung Abendrot<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>Asset managers<\/span><\/a><\/h4><\/div>
\n
\n\n\n\n\n\n\n\n\n\n
Country<\/b><\/th>\nExclusion from the investment portfolio<\/strong> of all or a majority of oil and gas companies, including TotalEnergies<\/th>\nNo new investments (shares and bonds)<\/strong> in oil and gas companies, including TotalEnergies<\/th>\nNo bonds investments<\/strong> in oil and gas companies, including TotalEnergies<\/th>\n<\/tr>\n<\/thead>\n
<\/td>\nCardano, MN<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nGeneration Investment Management, Sarasin & Partners<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\nSEB Investment Management<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\n–<\/td>\nMandarine Gestion, Mirova, Tikehau Capital<\/td>\nAEMA – OFI Invest AM, BNP Paribas AM (3)<\/td>\n<\/tr>\n
<\/td>\n–<\/td>\nNordea Asset Management (quarantined)<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>

Sources: Oil and Gas Policy Tracker<\/a><\/span>, Global Fossil Fuel Divestment Commitments Database<\/a><\/span>, Financial Exclusion Tracker<\/a><\/span>, Net Zero Finance Report Card<\/a><\/span>, September 2025.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

<\/div><\/div><\/span>

Inaction in oil and gas sector drives investor exclusions<\/h2><\/span>
<\/div><\/div><\/div>

Since the Paris Agreement, investors, driven by climate justice movements, have chosen to exclude fossil fuel companies from their investments.<\/p>\n

In Ireland, following the adoption of the Fossil Fuel Divestment Act<\/i> in 2018, Ireland Strategic Investment Fund (the country\u2019s sovereign wealth fund) sold its fossil fuel assets in 2019.(4) In the years that followed, other asset owners, such as Ircantec in France,(5) ABP – the largest Dutch pension fund – and AkademikerPension – a Danish pension fund – also announced that they were excluding all companies that develop oil and gas projects. A spokesperson for AkademikerPension said that oil and gas company managers \u00a0\u00bb simply refuse <\/i>(\u2026) to change their climate course<\/i> (\u2026) in manner consistent with the goals of the Paris agreement<\/i>\u00ab\u00a0.(6)<\/p>\n

Other investors take a case-by-case approach, excluding specific companies, including TotalEnergies, because of their climate or human rights impacts. When the Danish pension fund AP Pension announced it would exclude most oil and gas companies from its portfolio, it specifically named Shell and TotalEnergies as \u00ab\u00a0companies that make it difficult to achieve the objectives of the Paris Agreement<\/i> \u00ab\u00a0.(7) The Dutch asset manager MN, excluded TotalEnergies from its portfolio after coordinating the Climate Action 100+ investor dialogue with the company, a decision it said was justified \u00ab\u00a0after years of intensive, yet unsuccessful, climate engagement<\/i>\u00ab\u00a0.(8)<\/p>\n

The Dutch asset manager Cardano (formerly Actiam) and the Danish pension fund PKA chose to sell their investments in TotalEnergies because of the EACOP project in Uganda.(9) PKA, after holding TotalEnergies \u00ab\u00a0under surveillance<\/i>\u00a0\u00bb for 2 years, explained: \u201cwe had been in dialogue for a number of years, without them being responsive to the criticism we had made<\/i>\u00ab\u00a0.(10) The Scandinavian asset manager, Nordea Asset Management, \u201cquarantined<\/i>\u201d TotalEnergies with no new bonds or shares being bought, due to the numerous accusations of human rights violations surrounding the project.(11)<\/p>\n<\/div>

<\/div><\/div><\/span>

Investors that stop supporting while keeping the power to sanction<\/h2><\/span>
<\/div><\/div><\/div>

These decisions and blunt criticism speak volumes about the unwillingness of TotalEnergies and the oil and gas sector to take the climate crisis and shareholders’ demands seriously. Yet, investors who sell their shares in fossil fuels lose their power to influence the strategies and projects of those companies. They can no longer vote at their annual general meetings, and so cannot obstruct these companies\u2019 fossil fuel expansion.<\/p>\n

In France, insurers such as CNP Assurances, MACIF and MAIF, and asset managers including Mandarine Gestion and Tikehau Capital have adopted policies that exclude any new investment in companies that, like TotalEnergies, develop new oil and gas fields, while keeping them in their investments portfolios. This allows them to keep their shareholder power and to sanction the strategies of these companies\u2019 managers at their annual general meetings.<\/p>\n

When TotalEnergy refused to allow its shareholders to vote on its climate plan in 2025, investors still had the option of expressing their disagreement with its board by voting against their re-election, against directors\u2019 remuneration or against the approval of financial statements. Voting against these strategic resolutions sends a strong signal to TotalEnergies’ management that refusing to align with the International Energy Agency’s \u00ab\u00a0Net Zero Emissions by 2050\u00a0\u00bb scenario leads to systematic sanctions from shareholders.<\/p>\n

The French asset manager Ofi Invest Asset Management, whose escalation procedure provides for sanction votes for companies that \u00ab\u00a0are not moving in the right direction<\/i>\u00ab\u00a0,(12) voted against the re-election of TotalEnergies\u2019 CEO in 2024 and against his remuneration in 2024 and 2025. Union Investment, TotalEnergies’ second-largest German shareholder, has pledged to vote against resolutions proposed by the management of companies that increase their oil and gas production.(13) At TotalEnergies’ 2025 annual general meeting, Union Investment voted against the re-election of a director, and publicly expressed its concern about the EACOP and Mozambique LNG projects, calling for an independent international audit of Mozambique LNG. It also excluded TotalEnergies from its \u00ab\u00a0sustainable<\/i>\u00a0\u00bb funds.(14)<\/p>\n<\/div>

Among the strategies available to investors who want to take climate action, only the adoption of ambitious and comprehensive policies will\u00a0 signal clear opposition to fossil fuel expansion. These policies must combine an end to new investments in fossil fuel companies, include the use of votes to sanction weak climate strategy and public denunciation of companies\u2019 responsibility for the climate crisis. In particular, Reclaim Finance calls on all the investors in TotalEnergies, including its main investor Amundi, to stop supporting its climate-wrecking strategy and to obstruct its plans for new oil and gas projects.\u00a0<\/b><\/p>\n<\/div><\/div><\/div>

<\/div><\/div><\/span>

Notes:<\/h3><\/span>
<\/div><\/div><\/div>
    \n
  1. Reclaim Finance, Assessment of TotalEnergies’ Climate Strategy<\/i><\/a><\/span>, May 2025<\/li>\n
  2. Responsible Investor, \u00a0Climate action 100% co-leads for Total step down<\/i><\/a><\/span>, May 2024<\/li>\n
  3. Since December 2024, BNP Paribas AM has excluded investments in new bonds issued on primary markets by companies active in oil and gas exploration and production. See Reclaim Finance, The impact of BNP Paribas AM\u2019s revised investment policy<\/a><\/span>, January 2025<\/li>\n
  4. National Treasury Management Agency, \u00a0Ireland Strategic Investment Fund’s sale of interests in global fossil fuel companies leads the way in green thinking<\/i><\/a><\/span>, January 2019<\/li>\n
  5. Reclaim Finance, Climate: A French pension fund divests from TotalEnergies<\/a><\/span>, April 2022<\/li>\n
  6. AkademikerPension, \u00a0med at vente p\u00e5 verdens st\u00f8rste olie- og gasselskaber<\/i><\/a><\/span>, September 2023<\/li>\n
  7. European Pensions, Denmark\u2019s AP Pension excludes 73 companies from portfolio<\/i><\/a><\/span>, April 2023<\/li>\n
  8. Responsible Investor, \u00a0Climate action 100% co-leads for Total step down<\/i><\/a><\/span>, May 2024<\/li>\n
  9. The Guardian, \u00a0Uganda oil project casts shadow over Total’s eco-friendly image<\/i><\/a><\/span>, April 2022<\/li>\n
  10. Borsen, \u00a0PKA dropper omstridt olieinvestering<\/i><\/a><\/span>, December 2023<\/li>\n
  11. Net Zero Investor, Nordea confirms quarantine for fossil fuel major<\/i><\/a><\/span>, April 2025<\/li>\n
  12. Ofi Investment, Shareholder Engagement and Voting Policy<\/i><\/a><\/span>, March 2025<\/li>\n
  13. Reclaim Finance, Assessment of Asset Managers’ Climate Practices<\/a><\/span>, December 2024<\/li>\n
  14. Reuters, Union Investment cuts TotalEnergies stake over East African project allegations<\/i><\/a><\/span>, May 2025. NB: Union Investment has not excluded new financing for fossil fuel companies.<\/li>\n<\/ol>\n<\/div><\/div><\/div><\/div><\/div>

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