Report regarding the possible dissemination of misleading information by TotalEnergies SE in relation to climate and fossil fuels

The document argues that TotalEnergies SE has misled investors by claiming alignment with the Paris Agreement while continuing to increase fossil fuel production. It highlights the systemic financial risk climate change poses to global portfolios and asserts that TotalEnergies' disclosures—including claims about the role of natural gas as a transition fuel and the 'substitution' argument for continued extraction—are inaccurate. The authors call for an AMF investigation into potential breaches of the AMF General Regulations, the European Market Abuse Regulation (MAR), and the French Monetary and Financial Code.

• On 23 October 2025, the Paris Commercial Court ruled that TotalEnergies and TotalEnergies Electricité et Gaz France misled consumers by suggesting the company contributed to the fight against climate change while planning to increase fossil fuel production.
• Climate change is identified as a systemic risk to the global economy, with economic losses in Europe rising from €8.6 billion (1980–1989) to €44.9 billion (2020–2024).
• Traditional economic models are argued to underestimate climate damage; some recent estimates suggest potential global GDP damage could reach 24% or even 61% by 2100.
• TotalEnergies' emissions are estimated to account for approximately 1% of annual global greenhouse gas (GHG) emissions in 2025, including Scopes 1, 2, and 3.
• TotalEnergies' energy production remains overwhelmingly fossil-fuel based, with oil and gas accounting for approximately 92% in 2025, and the company plans to increase hydrocarbon production by around 3% per year between 2026 and 2030.
• The document alleges that TotalEnergies uses a misleading 'substitution' argument, claiming that reducing its own production would simply shift demand to other suppliers without benefiting the climate, a claim the authors state has been rejected by several courts.
• TotalEnergies is accused of misleading investors by presenting fossil gas as a source of 'net' emissions reductions through the replacement of coal, while omitting the risk that gas may displace renewable energy and battery storage.
• The authors suggest TotalEnergies may have failed to disclose 'inside information' promptly after admitting it cannot set 'net zero' targets and that the 1.5°C goal is out of reach.
• The report claims the AMF has failed to take supervisory or enforcement action despite three separate reports since 2020 and a court ruling confirming misleading consumer communications.

APA

ClientEarth (2026). Report regarding the possible dissemination of misleading information by TotalEnergies SE in relation to climate and fossil fuels. https://www.clientearth.org/media/4debcftp/amf-letter-translated.pdf

Chicago

ClientEarth. Report regarding the possible dissemination of misleading information by TotalEnergies SE in relation to climate and fossil fuels. 2026. https://www.clientearth.org/media/4debcftp/amf-letter-translated.pdf.

Wikipedia

{{cite press release |author=ClientEarth |title=Report regarding the possible dissemination of misleading information by TotalEnergies SE in relation to climate and fossil fuels |date=27 May 2026 |url=https://www.clientearth.org/media/4debcftp/amf-letter-translated.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{clientearth2026report, author = {{ClientEarth}}, title = {{Report regarding the possible dissemination of misleading information by TotalEnergies SE in relation to climate and fossil fuels}}, publisher = {ClientEarth}, year = {2026}, month = may, url = {https://www.clientearth.org/media/4debcftp/amf-letter-translated.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }