Call on TotalEnergies’ financiers and shareholders to push for a 1.5°C-aligned climate plan and the end of oil and gas expansion

A coalition of NGOs argues that TotalEnergies' climate strategy is incompatible with the 1.5°C goal, citing insufficient decarbonization targets and continued fossil fuel expansion. They call on investors to vote against the company's climate strategy and the reappointment of specific directors at the May 2022 Annual General Meeting, and to suspend new financial services to the company.

• TotalEnergies' decarbonization targets are deemed insufficient, with a planned reduction of only -0.3% per year between 2021 and 2030. The company's emissions decreased by only -4% over the previous seven years across Scopes 1, 2, and 3.
• The company continues to expand fossil fuel production, planning to allocate 70% of its capital expenditure to fossil fuels, which includes €2.6-3.2 billion annually for new oil and gas projects, including €500 million per year for exploration.
• Analysis suggests TotalEnergies will exhaust its 1.5°C-compatible carbon budget by 2035 and will have emitted 32% more greenhouse gases than this budget allows by 2050.
• Specific projects are highlighted as contradictory to climate and human rights goals, including EACOP/Tilenga in Uganda and Tanzania, which is estimated to emit 34 Mt CO2 per year and displace 100,000 people, as well as Mozambique LNG and Arctic LNG 2.

APA

Reclaim Finance (2022). Call on TotalEnergies’ financiers and shareholders to push for a 1.5°C-aligned climate plan and the end of oil and gas expansion. https://reclaimfinance.org/site/wp-content/uploads/2022/05/Inter-NGO-letter-to-TotalEnergies-investors.pdf

Chicago

Reclaim Finance. Call on TotalEnergies’ financiers and shareholders to push for a 1.5°C-aligned climate plan and the end of oil and gas expansion. 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/05/Inter-NGO-letter-to-TotalEnergies-investors.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=Call on TotalEnergies’ financiers and shareholders to push for a 1.5°C-aligned climate plan and the end of oil and gas expansion |date=4 May 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/05/Inter-NGO-letter-to-TotalEnergies-investors.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2022call, author = {{Reclaim Finance}}, title = {{Call on TotalEnergies’ financiers and shareholders to push for a 1.5°C-aligned climate plan and the end of oil and gas expansion}}, publisher = {Reclaim Finance}, year = {2022}, month = may, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/05/Inter-NGO-letter-to-TotalEnergies-investors.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }