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TotalEnergies Told to Align Emissions Targets to Paris

Investors with assets under management of around €1.1 trillion (US$1.2 trillion), alongside green shareholder group Follow This, have filed a climate resolution at French oil major TotalEnergies. The resolution, which will be voted on at TotalEnergies AGM on 26 May, calls on the company to align its 2030 Scope 3 emissions reduction targets with the Paris Climate Agreement. The consortium is comprised of 17 institutional investors and asset managers from France, Belgium, the Netherlands, the UK and the US, including PGGM Investments, Degroof Petercam AM, and Edmond de Rothschild AM, among others. The investors believe that the oil major has not made sufficient progress in supporting the transition away from fossil fuels in favour of low-carbon energy sources. “Although the world has to almost halve emissions by 2030 to achieve the goals of the Paris Agreement, TotalEnergies refuses to significantly drive down Scope 3 emissions this decade,” said Colin Tissen, Responsible Investment Advisor at PGGM Investments. “We encourage the company to fully embrace its transition towards a low-carbon energy provider, helping its customers reduce their carbon footprint.” Separately, a new report by Reclaim Finance calls for Europe to decarbonise electricity production by 2035 and for banks and investors to stop financing the oil and gas industry. Financial institutions should restrict support for gas power in Europe to “avoid locking-in” carbon emissions and increasing the level of stranded assets by 2035. “Switching from gas-fired power stations to renewables is essential if European countries are to decarbonise their power sectors by 2035 in order to limit global warming to 1.5°C,” said Claire Maraval, Utilities and European Transition campaigner at Reclaim Finance. “Net zero means gas phase out and absolutely no new gas-fired power stations, and they must update their policies to reflect this.”

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