:<\/span><\/span> <\/b><\/p>\n1\/ First, Total SE <\/span><\/span>restates<\/span><\/span> its <\/span><\/span>ambition<\/span><\/span>, not <\/span><\/span>a <\/span><\/span>commitment, to achieve carbon neutrality by 2050. This is nothing new. Our response mainly <\/span><\/span> concerns the three other points <\/span><\/span>made<\/span><\/span><\/p>\n2\/ Total SE refers to the graph on page 12 of our report<\/span><\/b>,<\/span><\/b> which estimates their scope <\/span><\/b>3 <\/span><\/b>emissions in Europe and worldwide between 2015 and 2050, <\/span><\/b>comparing these emissions<\/span><\/b> to the trajectory <\/span><\/b>needed to follow<\/span><\/b> a 1.5\u00b0C scenario. <\/span><\/b><\/p>\n\n- This graph is taken from Oil Change International<\/span>\u2019<\/span>s September report, Big Oil Reality Check<\/span>.<\/span> Reclaim Finance and Greenpeace France have added Total SE<\/span>\u2019<\/span>s estimated emissions in 2030 to highlight the gap <\/span>between the company\u2019s emissions and their carbon budget to<\/span> align with a 1.5\u00b0C trajectory. <\/span><\/li>\n
- Total<\/span><\/b>\u2019<\/span><\/b>s emissions trajectory is estimated from Rystad Energy<\/span><\/b>\u2019<\/span><\/b>s data on Total<\/span><\/b>\u2019<\/span><\/b>s hydrocarbon production forecasts to August 2020. <\/span><\/b>Rystad Energy is an independent energy research and <\/span>business <\/span>intelligence company that provides data, tools, analysis<\/span>,<\/span> and consulting services to its clients and is used by many companies. <\/span> <\/b><\/li>\n
- This graph shows that Total<\/span>\u2019<\/span>s scope <\/span>3 <\/span>emissions would increase to 500MT<\/span> CO2e<\/span> in 2030 from 410MT in 2015 and that they would <\/span>overshoot the level needed to meet a 1.5\u00b0C trajectory <\/span>by 200<\/span>MT. <\/span><\/li>\n
- Total responds by quoting from page 16 of its Climate 2020 report: <\/span>\u201c<\/span>For those Scope 3 emissions, the Group is setting new 2030 targets: In Europe, a 30% reduction in absolute emissions from 2015 levels \u2013 a major step toward neutrality by 2050. Worldwide, a reduction in absolute emissions from 2015 levels, despite the anticipated growth in customer energy demand over the decade to come.\u201d <\/span><\/li>\n
- First, it should be noted that Total<\/span><\/b>\u2019<\/span><\/b>s response to Rystad<\/span><\/b>\u2019<\/span><\/b>s data is <\/span><\/b>limited to <\/span><\/b>words and<\/span><\/b> fails to set<\/span><\/b> a numerical target for the <\/span><\/b>reduction <\/span><\/b>in its global emissions. It could be an insignificant drop, but that would be enough <\/span><\/b>for them to <\/span><\/b>publicise <\/span><\/b>a decrease in emissions<\/span><\/b> all the same<\/span><\/b>. <\/span><\/b>Investors should demand transparency on this point and ask Total SE <\/span>whether<\/span> the <\/span>G<\/span>roup intends to <\/span>reduce its CO2e emissions by around 170 million tonnes by 2030 compared to 2015 levels in order to reach a level of 240MT in 2030. <\/span> <\/b><\/li>\n<\/ul>\n
\n- We must therefore turn to the other available<\/span> sources<\/span>.<\/span> <\/b>Given that Europe is not in fact separate from the<\/span><\/b> world, Total <\/span><\/b>commits<\/span><\/b> to reducing its <\/span><\/b>\u201cglobal\u201d absolute <\/span><\/b>emissions<\/span><\/b>,<\/span><\/b> but not to reducing its <\/span><\/b>absolute <\/span><\/b>emissions outside Europe. <\/span><\/b>Our report makes this <\/span>distinction<\/span> and indicates that while Total intends to reduce its emissions in Europe by 2030, it is expected to increase them outside Europe over the next decade. <\/span><\/li>\n
- Total <\/span><\/b>tells us nothing more<\/span><\/b>: <\/span><\/b>\u201cTotal has therefore committed that worldwide scope 3 indirect emissions in 2030 will be lower compared to 2015 [\u2026] This commitment is notably made possible by the 30% reduction target in scope 3 emissions in Europe by 2030.<\/span><\/b>\u201d<\/span> Except that Total\u2019s stated absolute reduction in scope 3 emissions in Europe, 75 MT\/year, is misleading<\/span>. See the following point.<\/span><\/li>\n<\/ul>\n
3\/<\/span> Total writes that its reduction in scope 3 emissions in Europe was 256 MT in 2015 period<\/span><\/b>. <\/span><\/b>However, Total has committed to reducing <\/span><\/b>these emissions<\/span><\/b> by 30% by 2050, which <\/span><\/b>equals<\/span><\/b> a total of 76.8 MT. In the previous point, Total spoke of reducing <\/span><\/b>scope 3 emissions <\/span><\/b>by 75MT\/year, <\/span><\/b>however, <\/span><\/b>it <\/span><\/b>plan<\/span><\/b>s<\/span><\/b> to reduce <\/span><\/b>them <\/span><\/b>by this amount over<\/span><\/b> 15 years, <\/span><\/b>i.e.,<\/span><\/b> by 5MT\/year. <\/span><\/b>This is certainly less impressive,<\/span> though it<\/span> is<\/span> at least <\/span>consistent with the Climate Action 100+<\/span>\u2019s<\/span> assessment of Total<\/span>\u2019<\/span>s climate performance. This <\/span>\u201c<\/span>Climate Action 100+ Net-Zero Company Benchmark<\/span>\u201d<\/span> shows that Total <\/span>fulfils<\/span> only one of the nine indicators evaluated<\/span>\u2014none on <\/span>emission reduction targets<\/span>. <\/span><\/p>\n4\/ <\/span>Concerning the calculation of the carbon intensity of its products, <\/span>Total states it<\/span> factors in<\/span> \u201c<\/span>e<\/span>