Louise Sallé 6:35 a.m., May 25, 2022

As part of its General Meeting, the Total Energies group is submitting the vote on its climate plan to its shareholders this Wednesday.

But some investors have already announced that they will vote against this plan, which they consider unambitious with regard to climate issues and vague in the quantified targets for reducing CO2 emissions targeted by Total by 2030. 

At 10 a.m. this Wednesday, the General Meeting of Total Energies will be an opportunity for the company's shareholders, like last year, to validate or not its climate plan.

This document describes how the oil company intends to transform itself to achieve carbon neutrality in 2050. But nine shareholders have already announced that they will vote against this plan, such as Le Crédit Mutuel, Meeschaert Amilton, Mandarine Gestion, Sycomore AM, Edmond de Rothschild AM, La Financière de l'Echiquier, and the Dutch company MN Services.

Crédit Mutuel will vote against the plan for the first time

One of the reasons for their opposition: the fact that Total still devotes 20% of its investments to bringing new oil and gas infrastructure into production and exploring for hydrocarbon deposits.

Crédit Mutuel opposes this climate strategy for the first time.

"Total has given up its oil sands exploration and this is excellent news for the climate," rejoices Caroline Le Moaligou, the bank's director of sustainable development.

“On the other hand, explorations continue for gas and oil, and this is contrary to our commitments made at COP21, in order to limit global warming to 1.5 degrees”, she underlines.

A lack of information involved

The asset management company Meeschaert is also part of the revolt... Because the CO2 emission reduction targets for 2030 are not detailed enough by Total.

"The group has not quantified or explained how it wishes to reduce indirect CO2 emissions - from the company's products, such as the use of fuel for cars - for 2030 at the global level", regrets Aurélie Baudhuin, director deputy general of Meeschaert.

“The data we have is too partial,” she continues.

In addition to refusing this plan, two shareholders will also oppose, for the first time, the renewal of the directors of Total for reasons of climate commitments, on the model of the last general meeting of Exxon Mobile, the American oil giant. .


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Minority shareholders

Shareholders who choose to oppose Total's climate plan have a very small minority within the group.

Last year, their opposition to the plan was unsuccessful.

But they are, for the general meeting of 2022, a little more numerous, and above all determined to the idea that their gesture will be emulated.