TOTAL FAIT DU SALE : La Finance complice ?

The document analyzes the gap between Total SE's public climate ambitions and its actual business strategy, which continues to prioritize fossil fuel expansion. It highlights the role of French banks and investors in supporting this model and calls for a shift toward absolute emission reductions and the cessation of new fossil fuel projects.

• Total SE's net-zero ambition for 2050 is deemed insufficient because its scope 3 commitment is limited to Europe, while the company operates in 130 countries and Europe represents only 13% of its hydrocarbon production.
• Projections indicate that by 2030, Total SE's CO2e emissions will exceed the maximum allowed for a 1.5°C trajectory by more than 200 million tonnes.
• Despite increasing renewable energy production, Total SE continues to invest heavily in fossil fuels, with approximately 80% of investments between 2026 and 2030 earmarked for oil and gas.
• Total SE's hydrocarbon production is projected to increase by more than 50% between 2015 and 2030.
• The East African Crude Oil Pipeline (EACOP) project between Uganda and Tanzania is cited as a major climate and human rights risk, potentially generating over 33 million tonnes of CO2 emissions annually.
• Major French financial institutions provide significant support to Total SE; the four largest French banks provided over $16 billion in financing between 2016 and 2020, and French investors hold over $13.8 billion in investments.
• The document criticizes the 2020 climate resolution vote at Total SE's general meeting, where 83.2% of votes were against, including those from AXA, Amundi, and Natixis, despite their own climate pledges.
• Total SE's 'Rupture 2050' scenario is criticized for relying on unproven industrial-scale carbon capture and storage (CCS) and nature-based solutions (NBS) to justify continued fossil fuel use.
• Carbon Tracker Initiative estimates that 30% to 40% of Total SE's permitted or proposed projects are incompatible with the IEA's SDS scenario and could become stranded assets.

APA

Pinson, L., & de Bonnafos, F. (2021). TOTAL FAIT DU SALE : La Finance complice ? Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2021/02/TotalFaitDuSale_LaFinanceComplice-1.pdf

Chicago

Pinson, Lucie, and Florence de Bonnafos. TOTAL FAIT DU SALE : La Finance complice ? Reclaim Finance, 2021. https://reclaimfinance.org/site/wp-content/uploads/2021/02/TotalFaitDuSale_LaFinanceComplice-1.pdf.

Wikipedia

{{cite report |last1=Pinson |first1=Lucie |last2=de Bonnafos |first2=Florence |title=TOTAL FAIT DU SALE : La Finance complice ? |publisher=Reclaim Finance |date=February 2021 |url=https://reclaimfinance.org/site/wp-content/uploads/2021/02/TotalFaitDuSale_LaFinanceComplice-1.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{pinson2021total, author = {Pinson, Lucie and de Bonnafos, Florence}, title = {{TOTAL FAIT DU SALE : La Finance complice ?}}, institution = {Reclaim Finance}, year = {2021}, month = feb, url = {https://reclaimfinance.org/site/wp-content/uploads/2021/02/TotalFaitDuSale_LaFinanceComplice-1.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }