TOTALENERGIES’ CLIMATE-LINKED BONDS: A TRAP

The document critiques TotalEnergies' plan to issue Sustainability-Linked Bonds (SLBs), asserting that the company's climate targets and overall corporate strategy are misaligned with the Paris Agreement. It highlights flaws in the company's KPIs, specifically regarding scope 1, 2, and 3 emissions, and points to a projected 50% growth in hydrocarbon production by 2030 as evidence of a strategy at odds with climate science. The briefing concludes that these bonds serve as a marketing tool to secure funding for oil and gas expansion rather than a genuine mechanism for energy transition.

• TotalEnergies' climate-KPI bonds are deemed not Paris-aligned because the company's 2030 targets for scope 1 and 2 emissions cover less than 30% of its total emissions from 2015.
• The company's approach to scope 3 emissions is criticized for lacking precision; while it targets a 30% absolute reduction in Europe from 2015 levels, it plans to increase scope 3 emissions by similar proportions in the rest of the world.
• The use of carbon intensity as a KPI is described as flawed because it allows for the expansion of fossil fuels without requiring absolute emissions reductions, as evidenced by TotalEnergies reducing intensity between 2015 and 2019 while increasing total GHG emissions.
• TotalEnergies' corporate strategy contradicts climate science, with a forecast to increase hydrocarbon production by 50% between 2015 and 2030, moving from 2.7 mmboe/d in 2020 to 3.6 mmboe/d by 2030.
• The company's claim of offering "carbon neutral" gas through offsetting is rejected by experts who state this does not neutralize the emissions caused by fossil gas.
• Despite renewable energy targets, TotalEnergies plans to allocate 80% of its capital expenditure (CAPEX) to oil and gas ten years from now, creating a risk of stranded assets.
• TotalEnergies has failed to provide standard pre-issuance transparency documents, such as a sustainability-linked finance framework or external reviews, for its climate KPI-linked bonds.

APA

Cuvelier, L., Hernández, A., & Pinson, L. (2021). TOTALENERGIES’ CLIMATE-LINKED BONDS: A TRAP. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2021/09/TOTAL_ClimateLinkedBonds_InvestorsBriefing_SEPT2021_VF.pdf

Chicago

Cuvelier, Lara, Andrea Hernández, and Lucie Pinson. TOTALENERGIES’ CLIMATE-LINKED BONDS: A TRAP. Reclaim Finance, 2021. https://reclaimfinance.org/site/wp-content/uploads/2021/09/TOTAL_ClimateLinkedBonds_InvestorsBriefing_SEPT2021_VF.pdf.

Wikipedia

{{cite report |last1=Cuvelier |first1=Lara |last2=Hernández |first2=Andrea |last3=Pinson |first3=Lucie |title=TOTALENERGIES’ CLIMATE-LINKED BONDS: A TRAP |publisher=Reclaim Finance |date=September 2021 |url=https://reclaimfinance.org/site/wp-content/uploads/2021/09/TOTAL_ClimateLinkedBonds_InvestorsBriefing_SEPT2021_VF.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{cuvelier2021totalenergies, author = {Cuvelier, Lara and Hernández, Andrea and Pinson, Lucie}, title = {{TOTALENERGIES’ CLIMATE-LINKED BONDS: A TRAP}}, institution = {Reclaim Finance}, year = {2021}, month = sep, url = {https://reclaimfinance.org/site/wp-content/uploads/2021/09/TOTAL_ClimateLinkedBonds_InvestorsBriefing_SEPT2021_VF.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }