Réponse à la Commission d’enquête du Sénat sur les moyens mobilisés et mobilisables par l’État pour assurer la prise en compte et le respect par le groupe TotalEnergies des obligations climatiques et des orientations de la politique étrangère de la France

Reclaim Finance argues that TotalEnergies' climate strategy is insufficient for a 1.5°C target, citing continued fossil fuel expansion and inadequate low-carbon investment. The document details the financial networks supporting the company, critiques the 'laxity' of French asset managers like Amundi, and proposes a comprehensive suite of regulatory and monetary reforms to redirect financial flows away from fossil fuels.

• TotalEnergies is the 4th most represented company in the 'Carbon Bombs' project, involved in 17 of 425 projects that could emit over 1 GtCO2e over their life cycle, totaling 43.6 GtCO2e.
• Between 2016 and 2022, TotalEnergies secured 68% of its financing through bonds and 29% through bank loans.
• Reclaim Finance assesses TotalEnergies' climate strategy as insufficient for the 1.5°C goal, noting that the company does not plan to end the development of new oil and gas fields and allocated only 33% of CAPEX to low-carbon energy, whereas the IEA suggests over 50% is needed by 2030.
• The document critiques Amundi for its 'laxity' in engagement, stating the manager has consistently voted for TotalEnergies' 'Say on Climate' despite strategy gaps and does not demand an end to fossil fuel expansion or alignment with a 1.5°C scenario.
• Regarding state intervention, Reclaim Finance notes that purchasing 51% of TotalEnergies shares at current prices would cost approximately 74 billion euros, primarily benefiting foreign investors.
• French banks' commitments vary; Société Générale is described as the most advanced on fossil project financing due to its exclusion of midstream projects like LNG terminals, while La Banque Postale and Crédit Mutuel Arkéa are cited as having the best overall practices for investment banking by committing to stop financing oil and gas projects.
• Reclaim Finance argues that 'Sustainability Linked Bonds' (SLBs) are not truly sustainable because the funds are fungible and can be used for projects incompatible with 1.5°C targets, and the KPIs often lack a credible framework.
• The document identifies significant flaws in ESG ratings, noting they often use averages that allow companies to offset poor environmental scores with better social or governance scores, and that MSCI weights the environmental pillar at only 5% for banks.
• The report suggests that the 'Say on Climate' mechanism is not an effective tool for transforming oil and gas companies, citing that TotalEnergies raised its hydrocarbon production forecasts four months after receiving 89% shareholder support for its climate strategy in 2023.
• Reclaim Finance proposes several state-led levers to redirect financial flows, including a 'FinanceScore' for financial products, differentiated refinancing rates from the ECB and Banque de France for sustainable investments, and the 'greening' of monetary policy collateral by stopping the acceptance of fossil fuel developer assets as guarantees.

APA

Reclaim Finance (2024). Réponse à la Commission d’enquête du Sénat sur les moyens mobilisés et mobilisables par l’État pour assurer la prise en compte et le respect par le groupe TotalEnergies des obligations climatiques et des orientations de la politique étrangère de la France. https://reclaimfinance.org/site/wp-content/uploads/2024/06/2403_Reponse-a-la-Commission-denquete-du-Senat.pdf

Chicago

Reclaim Finance. Réponse à la Commission d’enquête du Sénat sur les moyens mobilisés et mobilisables par l’État pour assurer la prise en compte et le respect par le groupe TotalEnergies des obligations climatiques et des orientations de la politique étrangère de la France. 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/06/2403_Reponse-a-la-Commission-denquete-du-Senat.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=Réponse à la Commission d’enquête du Sénat sur les moyens mobilisés et mobilisables par l’État pour assurer la prise en compte et le respect par le groupe TotalEnergies des obligations climatiques et des orientations de la politique étrangère de la France |date=February 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/06/2403_Reponse-a-la-Commission-denquete-du-Senat.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2024rponse, author = {{Reclaim Finance}}, title = {{Réponse à la Commission d’enquête du Sénat sur les moyens mobilisés et mobilisables par l’État pour assurer la prise en compte et le respect par le groupe TotalEnergies des obligations climatiques et des orientations de la politique étrangère de la France}}, publisher = {Reclaim Finance}, year = {2024}, month = feb, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/06/2403_Reponse-a-la-Commission-denquete-du-Senat.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }