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Reclaim Finance reports that the vast majority of TotalEnergies' top global, European, and French shareholders approved management resolutions at the 2025 annual meeting, including CEO remuneration and director re-election. The analysis highlights a disconnect between these votes and science-based climate recommendations, noting that TotalEnergies remains the 6th largest oil and gas field developer globally as of 2024 and has increased planned oil and gas production. While a few shareholders like Union Investment and Ofi Invest AM voted against specific strategic resolutions, the overall average approval rate for management proposals was 94.8%. Reclaim Finance criticizes shareholders for prioritizing short-term financial returns, such as dividends and share buybacks, over the energy transition.

The 2025 Corporate Climate Responsibility Monitor finds that most major global companies fail to align their business models with the Paris Agreement's 1.5°C goal. While some companies like Apple, H&M Group, and Stellantis show 'moderate' integrity, none of the 20 companies in the sector deep dives achieved 'reasonable' or 'high' integrity ratings. The report argues that GHG emission reduction targets alone are insufficient and must be complemented by transition-specific alignment targets to ensure credible decarbonisation.

The report argues that six major European oil and gas companies are backtracking on climate goals by reducing investments in low-carbon activities and increasing oil and gas production targets. It highlights a significant gap between these companies' strategies and the International Energy Agency's Net Zero Emissions by 2050 scenario, noting that fossil fuels still capture over 60% of planned investments. The document specifically details reductions in renewable energy targets for BP, Eni, Shell, TotalEnergies, and Equinor, while noting that none of the six companies plan to reduce fossil fuel production.

Reclaim Finance claims that ENGIE's long-term LNG import contracts, particularly those from the United States, drive the development of new export terminals and gas fields, contradicting decarbonization scenarios. The document highlights that these contracts lock in carbon-intensive trajectories for decades and risk creating stranded assets as European gas demand declines. It specifically cites contracts linked to the Port Arthur LNG terminal and the Rio Grande LNG project, the latter of which saw its carbon capture and sequestration project abandoned. Consequently, Reclaim Finance calls on shareholders to vote against the re-election of CEO Catherine MacGregor and the 'Say on Climate' proposal.

The report finds that Eni's strategy prioritizes oil and gas expansion and shareholder returns over renewable energy investments. Eni's projected 2030 production levels and LNG capacity expansions significantly overshoot NZE requirements, while its diversification into renewables remains marginal, representing only 5.8% of its projected 2030 energy mix.

The report argues that Repsol's climate strategy is insufficient, as the company continues to prioritize oil and gas expansion and shareholder returns over sustainable energy investments. It finds that Repsol's 2030 production targets exceed NZE requirements by 38%, and its diversification into renewables and green hydrogen remains a small fraction of its overall energy mix. Additionally, the report notes that Repsol has weakened its 2030 emissions targets, specifically regarding scope 1, 2, and 3 emissions.

The report finds that BP's 2025 strategy shift prioritizes oil and gas expansion and shareholder returns over low-carbon energy. BP has retired its scope 3 net zero production target and increased its 2030 oil and gas production target to 2.3-2.5 mmboe per day, which is 57% above the IEA Net Zero Emissions (NZE) scenario. Investment in low-carbon energy has been sharply reduced from a planned US$4 billion per year to US$0.8 billion per year for 2025-2027. Additionally, BP is expanding its LNG capacity and gas power plants, while abandoning previous targets for installed renewable power capacities by 2030.

Reclaim Finance is calling for shareholders to vote against the re-election of TotalEnergies CEO Patrick Pouyanné at the May 24, 2024, Annual General Meeting. The organization argues that the company's strategy of developing new fossil fuel projects is incompatible with the 1.5°C warming limit and that management has ignored climate-related shareholder resolutions. Reclaim Finance highlights that TotalEnergies was the world's sixth-largest upstream oil and gas developer in 2023 and plans to allocate only 33% of capital expenditure to its low carbon and power division through 2028, while distributing 3.4 dollars to shareholders for every dollar invested in its integrated power business in 2023.

Reclaim Finance is calling for shareholders to vote against the reelection of TotalEnergies CEO Patrick Pouyanné at the May 24, 2024 general meeting. The organization argues that the company's strategy is incompatible with the 1.5°C warming limit, noting that TotalEnergies was the sixth largest oil and gas developer globally in 2023. The document highlights a gap in investment, stating that only 33% of investments in the 2028 plan are allocated to the "electricity and new molecules" division, while 3.4 dollars were distributed to shareholders for every dollar invested in electricity in 2023. Reclaim Finance further claims that the company ignores climate-related shareholder resolutions, citing a 2023 resolution for Paris Agreement alignment that received 30.4% support but resulted in no significant action, followed by a plan to increase annual oil production by 2 to 3% by 2028.

The report concludes that ExxonMobil's strategy prioritizes fossil fuel expansion and shareholder returns over sustainable energy investments. It finds that the company's 2030 production targets and LNG capacity expansions significantly exceed the limits required to align with a 1.5°C pathway. Furthermore, the report highlights a lack of scope 3 emissions targets and a diversification strategy that relies on unsustainable energies like blue hydrogen and biofuels.

The briefing criticizes ENGIE's 2025 climate plan for lacking a phase-out date for fossil gas and continuing expansion through new plants and long-term LNG contracts. While noting a slight increase in renewable energy targets to 95 GW by 2030, the author argues that ENGIE remains on a 'well below 2°C' trajectory rather than 1.5°C, citing a decarbonization goal of 2045 that contradicts IEA Net Zero Emissions (NZE) scenarios. The document also highlights that CAPEX for fossil technologies remains nearly stable between the 2024-2026 and 2025-2027 periods and warns that reliance on 'green gases' and carbon credits may perpetuate fossil systems.

Reclaim Finance calls on ENGIE shareholders to oppose the company's continued investment in fossil gas, arguing that its strategy is incompatible with a 1.5°C warming limit and its own 2045 carbon neutrality goal. The organization specifically highlights the planned gas power plant in Nijmegen, Netherlands, and long-term US shale gas contracts as evidence of misalignment with climate science. It advocates for voting against the re-election of directors and executive pay at the April 30 general meeting to force a strategic shift away from gas and uncertain technologies like CCUS and biomethane.

Reclaim Finance argues that ENGIE's continued investment in fossil gas is incompatible with a 1.5°C warming limit and its own 2045 carbon neutrality goal. The organization calls on shareholders to vote against key strategic resolutions to sanction the board for failing to align capital expenditure with decarbonization goals.

Reclaim Finance argues that ArcelorMittal is hindering the transition from coal by investing in new and existing blast furnaces, including a joint venture in India with Nippon Steel. The organization highlights that less than half of the company's decarbonization projects can produce steel without fossil fuels and notes that the company's Head of European Operations has described green hydrogen as too expensive despite receiving subsidies. Reclaim Finance calls on shareholders to hold the board and management accountable by integrating climate considerations into strategic routine votes, such as director re-election and remuneration, to oppose metallurgical coal-based activities.

The report finds that Repsol's investment strategy prioritizes oil and gas and shareholder returns over renewable energy, with 2030 production targets projected to be 65% higher than those required for NZE alignment. While the company is diversifying into renewables and hydrogen, these remain marginal, with oil and gas expected to constitute over 70% of its energy mix by 2030. Additionally, the report notes that Repsol's scope 3 emission targets are less ambitious than its scope 1 and 2 targets, and its carbon intensity target for 2030 is 21.9% higher than the NZE.

The report concludes that TotalEnergies' strategy prioritizes oil and gas expansion and shareholder returns over the energy transition. It finds that the company's 2030 production targets and LNG capacity expansions significantly overshoot NZE limits, while its renewable energy growth relies primarily on acquisitions rather than organic development. Furthermore, the report argues that TotalEnergies' diversification into gas power, blue hydrogen, and bioenergy is unsustainable and that its emissions targets rely heavily on unproven carbon capture and offset technologies.

The document argues that ArcelorMittal's current climate strategy is inadequate to limit global warming to 1.5°C, citing a lack of absolute emission targets, a reliance on unproven carbon capture technologies, and a 'two-speed' approach that continues coal-based expansion in the Global South while deploying cleaner tech in Europe.

The briefing provides a framework for climate-conscious investors to use their voting rights at 2023 AGMs to hold companies accountable for their climate strategies. It recommends voting against the re-election of directors, executive remuneration, and financial statements if companies fail to disclose comprehensive 1.5°C-aligned strategies or continue fossil fuel expansion. The document specifically analyzes the inadequacies of 'Say on Climate' resolutions and provides case studies on companies like TotalEnergies, BP, and BNP Paribas, while offering a set of priority written questions for the energy, utility, and financial sectors.

The briefing argues that ExxonMobil's climate strategy lacks the transparency and ambition required to align with a 1.5°C pathway. It finds that the company's projected 2030 oil and gas production levels significantly exceed IEA NZE requirements, while its financial allocations remain heavily skewed toward fossil fuels with no reported investments in renewable power generation.

The document argues that ENGIE's transition strategy is incompatible with a 1.5°C scenario due to its continued investment in gas power and lack of transparency in its decarbonization plans.