When promises only bind those who believe in them

Reclaim Finance highlights a contradiction between the public climate pledges of AXA and Amundi/Crédit Agricole and their decision to vote against a shareholder resolution calling for Total to improve its climate actions. The document argues that Total's current strategy—which includes increasing hydrocarbon production and maintaining high fossil fuel capex—is not aligned with a 1.5°C trajectory, making the investors' opposition to the resolution hypocritical given their stated goals of carbon neutrality and Paris Agreement alignment.

• AXA and Amundi/Crédit Agricole voted against a shareholder resolution on May 29th that called for Total, the largest emitter in the CAC 40, to increase its climate efforts, despite both investors having public commitments to a 1.5°C trajectory.
• Total's climate strategy is deemed insufficient and not aligned with a 1.5°C trajectory, as it plans to increase hydrocarbon production by 12% between 2018 and 2030 and intends to keep approximately 80% of its capex devoted to fossil fuels by 2030.
• Total's target for 2030 is limited to a 15% reduction in the carbon intensity of its products, and its 2050 carbon neutrality goal does not encompass all of its emissions.
• Carbon Tracker estimates that 67% of Total's capital expenditure would be at risk if the company followed the IEA’s Paris Agreement alignment scenario.

APA

admin (2020). When promises only bind those who believe in them. Reclaim Finance. https://reclaimfinance.org/site/en/2020/06/23/when-promises-only-bind-those-who-believe-in-them/

Chicago

admin. When promises only bind those who believe in them. Reclaim Finance, 2020. https://reclaimfinance.org/site/en/2020/06/23/when-promises-only-bind-those-who-believe-in-them/.

Wikipedia

{{cite press release |last1=admin |title=When promises only bind those who believe in them |publisher=Reclaim Finance |date=22 June 2020 |url=https://reclaimfinance.org/site/en/2020/06/23/when-promises-only-bind-those-who-believe-in-them/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2020when, author = {admin}, title = {{When promises only bind those who believe in them}}, publisher = {Reclaim Finance}, year = {2020}, month = jun, url = {https://reclaimfinance.org/site/en/2020/06/23/when-promises-only-bind-those-who-believe-in-them/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }