Total Energy Annual Meeting Rejects Climate Activist Resolution, Pollutes Air With Tear Gas

PARIS, May 26 (Reuters) – Shareholders of Total Energy said on Friday that the oil major’s greenhouse gas emissions program was in jeopardy after police intervened to stop climate change protesters from sabotaging its annual meeting. rejected an activist resolution calling for an early reduction in

The resolution was submitted by the climate change group Follow Dis and 17 institutional investors with a total of €1.1 trillion under management, and received 30.44% of the vote, making it the last time a similar resolution was proposed in 2020. 17% of the votes.

Outside the venue in central Paris, the smell of tear gas from previous clashes wafted through the air, and police forced some demonstrators to clear the way for shareholders among hundreds of climate change activists. Pepper spray was used to drag him out.

All meeting attendees were required to keep their mobile phones in a sealed bag during the meeting.

“We regret that this meeting was not held in the circumstances it should have been,” Chief Executive Officer Patrick Pouyanne said at the scheduled start of the meeting. “In any case, I hope the dialogue continues.”

As climate activists step up pressure on oil companies to set tougher targets on greenhouse gas emissions, protesters: attack the stage Shell’s shareholder meeting held earlier this week caused turmoil BP shareholders meeting last month.

Energy Minister Agnès Panier-Lunachet told France InfoRadio on Friday that oil and gas companies must “reinvent themselves” and have no future if they cannot chart a path away from fossil fuels. said.

This follow-dis resolution, opposed by the TotalEnergies board, promises even greater absolute emissions reductions by 2030, in contrast to intensity targets that may decline as companies add more renewable assets. asked the company to

It also asked TotalEnergies to include in its 2030 target Scope 3 emissions emitted when the fuels it sells are burned by customers such as aircraft and cars.

CEO Mark van Barr said Friday’s vote was “a great result and definitely a shareholder revolt.”

“A third of investors said Total needed to reduce its emissions by 2030 and could not hide behind its customers saying Scope 3 emissions were not the company’s responsibility. There are,” he said.

Scientists believe that to meet the 2015 Paris Agreement goal of keeping the temperature rise below 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels, the world will have to reduce greenhouse gas emissions by 2030. needs to be reduced by about 43% from 2019 levels.

TotalEnergies does not anticipate significant overall reductions in customer emissions by 2030.

The company’s climate change plan, which does not cover scope 3 and proposes gas reductions at company-operated facilities, was approved by 88.76% of the vote.

A banner carried by demonstrators, including Greenpeace activists, read: “Science is clear, Total ignores it.”

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There is growing support for a corporate resolution calling for alignment with the Paris Agreement.

Earlier this week, about one-fifth of Shell shareholders Supported Please follow this resolution. Support for the group’s resolution last month was 17%. BP General Assemblya slight increase from last year.

Influential shareholder advisors ISS and Glass Lewis given the opposite recommendation In a TotalEnergies poll, ISS recommended a yes vote and Glass Lewis urged a no vote.

In 2022, TotalEnergies’ board of directors blocked a similar resolution from being put on the agenda. citing legal issues along with the wording of the proposal.

Norwegian sovereign wealth fund said on Friday it supports tough climate change targets for oil majors but said it opposes an activist resolution at Total Energies’ shareholder meeting.

Reported by Benjamin Mallett and America Hernandez, edited by Sylvia Aloysi, Richard Ruff and Barbara Lewis

Our criteria: Thomson Reuters Trust Principles.

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