TotalEnergies Investors Support Company’s Climate Plan Despite Protests, Reports Reuters

By Benjamin Mallet

PARIS – At an annual meeting on Wednesday, shareholders of TotalEnergies voted in favor of the French oil and gas company’s climate strategy, despite protests outside where critics condemned the company’s environmental impact and its operations in Russia.

Support for the climate strategy was recorded at 88.89%, a decline from 91.88% last year when shareholders had also approved a rebranding that signified the company’s shift toward renewable energy.

Although around 200 protesters gathered outside the venue prevented many shareholders from entering, the meeting was streamed online and was able to achieve the necessary quorum and commenced as scheduled.

The climate resolution faced previous opposition from minority shareholders, who urged the company to enhance its efforts to reduce greenhouse gas emissions. Two groups of minority shareholders had proposed alternative climate resolutions, although one was withdrawn after TotalEnergies committed to greater transparency.

Last month, the company blocked another proposed resolution aimed at aligning its emissions targets with the Paris climate agreement, citing legal concerns. CEO Patrick Pouyanne explained to shareholders that incorporating the Paris agreement into the company’s statutes could lead to significant and potentially hazardous legal challenges.

Shareholders also narrowly approved Pouyanne’s compensation package, with nearly 20% of the votes cast in opposition.

Investors in competing firms BP and Shell also supported their respective climate strategies, while alternative resolutions proposed by investors failed to receive sufficient backing.

Outside the meeting, climate activists, including groups like local branches of Greenpeace and Friends of the Earth, urged TotalEnergies to completely divest from its Russian business and for shareholders to halt funding for projects deemed environmentally harmful.

Pouyanne stated that the company would exit its Russian assets if sanctions necessitated such a move.

In March, TotalEnergies announced its goal to reduce emissions from fuel product sales by over 30% by 2030 compared to 2015 levels. A recent U.N. report has emphasized the urgent need for drastic emission reductions to avert severe consequences associated with climate change.