Les dividendes d’abord, le climat ensuite

The author contends that Total's climate strategy is incompatible with the IEA's net-zero scenario, as the company continues to expand oil and gas production while allocating only a small fraction of investment to renewables. The text highlights a contradiction among major investors—including AXA, BNP Paribas, and Amundi—who claim climate commitments but voted in favor of Total's plan to protect short-term dividends.

• Total's climate plan is deemed incompatible with the 1.5°C warming limit because it does not significantly reduce oil production and intends to increase gas production by 30% by 2030.
• Despite rebranding as TotalEnergies to emphasize renewables, fossil fuels are projected to account for 80% of the company's investment expenditures in 2030, with renewables representing only 4% of production units by 2050.
• The document identifies specific projects that threaten biodiversity and climate goals, including the EACOP pipeline, the Tilenga oil project in East Africa, gas projects in the Arctic, and a liquefied natural gas terminal in Papua New Guinea.
• Total's target to reduce the carbon intensity of its products by 20% by 2030 for scope 3 emissions is more than three times lower than what is required for a 2°C trajectory.
• A significant number of investors, including AXA, BNP Paribas, and Amundi, voted for the climate plan despite previously acknowledging its limitations or claiming alignment with carbon neutrality.

APA

Pinson, L. (2021). Les dividendes d’abord, le climat ensuite. Reclaim Finance. https://reclaimfinance.org/site/2021/06/10/les-dividendes-dabord-le-climat-ensuite/

Chicago

Pinson, Lucie. Les dividendes d’abord, le climat ensuite. Reclaim Finance, 2021. https://reclaimfinance.org/site/2021/06/10/les-dividendes-dabord-le-climat-ensuite/.

Wikipedia

{{cite press release |last1=Pinson |first1=Lucie |title=Les dividendes d’abord, le climat ensuite |publisher=Reclaim Finance |date=10 June 2021 |url=https://reclaimfinance.org/site/2021/06/10/les-dividendes-dabord-le-climat-ensuite/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{pinson2021les, author = {Pinson, Lucie}, title = {{Les dividendes d’abord, le climat ensuite}}, publisher = {Reclaim Finance}, year = {2021}, month = jun, url = {https://reclaimfinance.org/site/2021/06/10/les-dividendes-dabord-le-climat-ensuite/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }