HOW TO VOTE AT TOTALENERGIES’ AGM

The document argues that TotalEnergies' 2022 climate plan is incomplete and incompatible with a 1.5°C pathway, citing a lack of short-term absolute Scope 3 targets and continued investment in oil and gas expansion. It recommends that investors vote against the management-sponsored 'Say on Climate' resolution and oppose the reappointment of specific Directors to signal disapproval of the company's fossil fuel strategy. The briefing also highlights legal and reputational risks associated with the EACOP project in East Africa, greenwashing lawsuits, and the company's continued assets in Russia.

• TotalEnergies' 2022 climate plan is deemed incompatible with a 1.5°C pathway, with projected emissions reductions of only 5.8% to 6.7% between 2015 and 2030, which is far below the requirement to halve global emissions by 2030.
• The company continues to prioritize fossil fuel expansion, allocating 70% of capital expenditures to oil and gas, including 20% for exploration and new projects, contradicting the IEA Net Zero Emission scenario which states no new oil and gas fields are required.
• The East African Crude Oil Pipeline (EACOP) and Tilenga project in Uganda and Tanzania are identified as major liabilities, expected to generate 34 million extra tons of carbon emissions annually and threaten protected wildlife habitats and human rights.
• TotalEnergies faces significant legal and reputational risks, including a greenwashing lawsuit by three NGOs regarding its 'reinvention' campaign and academic findings that the company downplayed global warming threats since the 1970s.
• The company's financial reporting is criticized for failing to integrate material climate-related risks and assumptions aligned with a 1.5°C pathway into its financial statements and audits.
• TotalEnergies maintains a significant presence in Russia, with 30% of its total gas production and 40% of global gas reserves located there, contrasting with peers like BP and Shell who have divested.

APA

Pottier, G., & Her, H. (2022). HOW TO VOTE AT TOTALENERGIES’ AGM. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2022/04/2022.04.29_TotalEnergies-AGM_Briefing-for-climate-conscious-investors.pdf

Chicago

Pottier, Guillaume, and Henri Her. HOW TO VOTE AT TOTALENERGIES’ AGM. Reclaim Finance, 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/04/2022.04.29_TotalEnergies-AGM_Briefing-for-climate-conscious-investors.pdf.

Wikipedia

{{cite report |last1=Pottier |first1=Guillaume |last2=Her |first2=Henri |title=HOW TO VOTE AT TOTALENERGIES’ AGM |publisher=Reclaim Finance |date=April 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/04/2022.04.29_TotalEnergies-AGM_Briefing-for-climate-conscious-investors.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{pottier2022how, author = {Pottier, Guillaume and Her, Henri}, title = {{HOW TO VOTE AT TOTALENERGIES’ AGM}}, institution = {Reclaim Finance}, year = {2022}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/04/2022.04.29_TotalEnergies-AGM_Briefing-for-climate-conscious-investors.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }