Analysis of TotalEnergies Climate Report

Reclaim Finance assesses TotalEnergies' 2022 climate plan as insufficient, noting that the company's emissions are projected to decrease by only 5.8% to 6.7% between 2015 and 2030. The analysis highlights a 'fossil-first' investment strategy where over 70% of CAPEX remains dedicated to oil and gas, and criticizes the East African Crude Oil Pipeline (EACOP) as fundamentally incompatible with climate goals. The document urges shareholders to vote against the management-sponsored climate resolution at the 2022 AGM.

• TotalEnergies' 2022 climate plan is not aligned with a 1.5°C pathway, with projected emissions reductions of only 5.8% to 6.7% between 2015 and 2030. This is significantly lower than the global requirement to halve emissions by 2030 to maintain the 1.5°C limit.
• The company maintains a 'fossil-first' capital allocation strategy, planning to allocate more than 70% of its CAPEX to fossil fuels until 2030. This includes 20% dedicated to exploration and new projects, which contradicts IEA Net Zero scenario findings that no new oil and gas projects are needed for a 1.5°C pathway.
• New decarbonization targets are described as 'micro-commitments' on limited perimeters that lack material impact. For example, a 30% reduction target for Scope 3 oil emissions is offset by plans to increase LNG sales by 362% between 2015 and 2030, and a target to reduce methane emissions by 80% by 2030 addresses a source that represents less than 1% of total emissions.
• The East African Crude Oil Pipeline (EACOP) and Tilenga project in Uganda and Tanzania are cited as evidence of unsustainable investment. The project is estimated to generate 34 million extra tons of carbon emissions annually and threatens nearly 2,000 sq. km² of protected wildlife habitats.
• TotalEnergies' reliance on Carbon Capture and Storage (CCS) and offsets is criticized as unrealistic. By 2050, the company aims for CCS to reach 110 Mt per year, but this includes 'avoided emissions' of 25 to 50 Mt used to produce new fuel that still releases carbon into the atmosphere.
• The company is accused of using the IEA's Net Zero Emissions by 2050 (NZE) scenario as a 'fig leaf' by accepting its endpoint but rejecting its short-term implications on supply. TotalEnergies attributes its carbon neutrality goal to a change in consumption patterns 'together with society', thereby shifting responsibility to customers.

APA

Reclaim Finance (2022). Analysis of TotalEnergies Climate Report. https://reclaimfinance.org/site/wp-content/uploads/2022/03/2203_RF_Analysis-of-TotalEnergies-2022-Climate-Plan.pdf

Chicago

Reclaim Finance. Analysis of TotalEnergies Climate Report. 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/03/2203_RF_Analysis-of-TotalEnergies-2022-Climate-Plan.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=Analysis of TotalEnergies Climate Report |date=28 March 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/03/2203_RF_Analysis-of-TotalEnergies-2022-Climate-Plan.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2022analysis, author = {{Reclaim Finance}}, title = {{Analysis of TotalEnergies Climate Report}}, institution = {Reclaim Finance}, year = {2022}, month = mar, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/03/2203_RF_Analysis-of-TotalEnergies-2022-Climate-Plan.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }