TotalEnergies Investors Demand Bigger Climate Push Ahead of AGM

(Bloomberg) — French energy giant TotalEnergies SE will face calls to take a tougher stance on climate at its annual shareholders’ meeting next month.

A group of 11 investors have filed a resolution demanding the company set and publish climate goals consistent with those of the Paris Agreement. While the shareholders represent a small portion of Total’s capital — about 0.8% — their request reflects the mounting pressure on oil and gas majors to step up their environmental ambitions, with several facing AGM motions for greater action.

TotalEnergies’ efforts “are not enough to stop global warming,” said Bas Bijleveld, senior adviser for responsible investment and governance at Dutch asset manager MN Services NV, which is leading the investor push. “We encourage the company to become the first oil and gas giant that has its targets for 2030 completely 1.5 degree aligned.”

The 2015 Paris accord is aimed at keeping global warming since pre-industrial times “well below” 2 degrees Celsius, with a wider aim of containing it further to 1.5 degrees. Total’s European peers BP Plc, Shell Plc and Equinor ASA have all faced investor resolutions similar to that filed at the French company. All have seen shareholder backing for such motions steadily increase.

TotalEnergies released its own climate report last month, which will be put to an advisory vote at the May 25 AGM.

“This ‘say on climate’ approach is innovative and a real step forward within the CAC 40” index, the company said on Wednesday, without commenting on the shareholder resolution.

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