TotalEnergies' "false" climate plan and its presence in Russia led NGOs to block access to the general assembly of the energy giant, this Wednesday in Paris.

In front of the Salle Pleyel, demonstrators shouted smoke bombs in hand “Totally irresponsible” or “We are here, even if Total does not want us, we are here”, noted AFP journalists.

Activists backed by minority shareholders wanting to influence the oil giant's climate plan.

The NGOs are calling for “concrete and immediate commitments” from TotalEnergies […] and the end of all new fossil fuel projects.

"We must convince the shareholders to vote against the false climate plan of TotalEnergies", had indicated before the action Eva Sadoun, co-president of the Impact France movement.

This wave of protest does not only affect TotalEnergies.

All European oil groups are targeted.

Yesterday the general meeting of Shell (which was condemned last year to cut its carbon emissions) was interrupted by the action of protesters.

Angry shareholders

Protest movements are not only external to society, but also internal.

The so-called “small shareholders”, or minority shareholders, are determined to tip the scales in favor of a credible climate plan.

A collective of TotalEnergies shareholders, representing 0.78% of the capital, had tabled a resolution asking the group to comply with the Paris climate agreement, a resolution which will not ultimately be on the agenda, the board of directors having rejected it.

Among these shareholders, Edmond de Rothschild or La Financière de l'Echiquier, not particularly known for their shareholder activism, have decided to vote against the "false" climate plan denounced by activists, which notably plans to increase hydrocarbon drilling. over 2019-2030.

Crédit Mutuel insurers joined this coalition, regretting that “the surpluses resulting from the current high prices of hydrocarbons are not allocated as a priority to additional investments in renewables.

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Unconvincing promises

TotalEnergies says it is aiming, like many companies, for carbon neutrality by the middle of the century, and is committed, among other objectives, to reducing by more than 30%, compared to 2015, the emissions released by products. tankers it sells.

And it invests in renewables.

However, the major continues to say that it wants to continue to meet the demand for gas and oil as long as there is, and that it will continue to develop new fields.

In this context, it is likely that the resolution relating to the climate plan – very widely adopted last year with 92% of the votes – will again be easily approved, especially since the major shareholders, the investment funds BlackRock or Vanguard as well as Axa insurance or BNPParibas, did not communicate their vote upstream.

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