When will banks and investors stop supporting TotalEnergies’ oil and gas plans?

Reclaim Finance asserts that TotalEnergies' corporate strategy is incompatible with climate science, specifically citing plans to increase gas production by over 30% by 2030 and expand operations in the Arctic and East Africa. The document highlights that between 2016 and 2020, over 30 commercial banks provided $40.6 billion to the company, with major contributors including Barclays, JPMorgan Chase, and several French banks. It calls for financial institutions to end support for fossil fuel developers and adopt a 'no new oil and gas' principle, citing La Banque Postale as a precedent for ending support for companies developing new oil and gas projects.

• TotalEnergies' climate targets are inconsistent with the 1.5°C global warming limit, with the company forecasting a 35% increase in gas production between 2019 and 2030 and intending to allocate approximately 80% of its investment capacity to oil and gas by 2030.
• TotalEnergies is pursuing significant expansion in the Arctic, aiming to increase oil and gas production by more than 25% over five years and build a second LNG terminal. In East Africa, the company plans to pump oil in Uganda and construct a regional pipeline.
• Between 2016 and 2020, more than 30 commercial banks provided $40.6 billion to TotalEnergies. The largest individual contributors were Barclays ($3.5 billion), JPMorgan Chase ($3 billion), Crédit Agricole ($2.9 billion), and Morgan Stanley ($2.7 billion). Four major French banks—Crédit Agricole, BNP Paribas, Société Générale, and Natixis-BPCE—provided a combined $7.7 billion.
• The document claims that net-zero pledges are incompatible with oil and gas expansion, noting that the International Energy Agency has ruled out investments in new oil and gas fields. It cites La Banque Postale as an example of a bank that has ended support for companies developing new oil and gas projects.

APA

admin (2021). When will banks and investors stop supporting TotalEnergies’ oil and gas plans? Reclaim Finance. https://reclaimfinance.org/site/en/2021/11/23/when-will-banks-and-investors-stop-supporting-totalenergies-oil-and-gas-plans/

Chicago

admin. When will banks and investors stop supporting TotalEnergies’ oil and gas plans? Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/11/23/when-will-banks-and-investors-stop-supporting-totalenergies-oil-and-gas-plans/.

Wikipedia

{{cite press release |last1=admin |title=When will banks and investors stop supporting TotalEnergies’ oil and gas plans? |publisher=Reclaim Finance |date=23 November 2021 |url=https://reclaimfinance.org/site/en/2021/11/23/when-will-banks-and-investors-stop-supporting-totalenergies-oil-and-gas-plans/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021when, author = {admin}, title = {{When will banks and investors stop supporting TotalEnergies’ oil and gas plans?}}, publisher = {Reclaim Finance}, year = {2021}, month = nov, url = {https://reclaimfinance.org/site/en/2021/11/23/when-will-banks-and-investors-stop-supporting-totalenergies-oil-and-gas-plans/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }