TotalEnergies investors back company’s climate plan despite protests

The TotalEnergies logo is seen on the skyscraper of the company’s headquarters in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier

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PARIS, May 25 (Reuters) – Shareholders of TotalEnergies (TTEF.PA) voted in favor of the French oil and gas company’s climate strategy at an annual meeting on Wednesday as protesters outside denounced the environmental assessment of the group and its activities in Russia.

Support at 88.89% was down from 91.88% last year when shareholders voted in favor of the climate plan and approved a rebrand marking the company’s shift to renewable energy.

Although few shareholders were able to access the room due to the approximately 200 demonstrators gathered outside, the meeting, broadcast simultaneously online, nevertheless reached the required quorum and began shortly after the set time. Read more

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TotalEnergies’ climate resolution had previously faced opposition from minority shareholders, who were urging the company to go further in its plans to reduce its greenhouse gas emissions.

Two minority shareholder groups had proposed alternative climate resolutions at the general meeting, but one was withdrawn after TotalEnergies made new transparency commitments.

Last month, the company blocked another proposed resolution seeking to align its emissions targets with the Paris climate accord, citing legal reasons. Read more

“The transposition of the Paris agreement into the statutes of companies would open up a field of potentially enormous and dangerous legal disputes,” chief executive Patrick Pouyanne told shareholders in a nearly empty room.

Shareholders also approved Pouyanne’s salary package by a narrow margin, after nearly a fifth of voters opposed it.

Investors in rivals BP (BP.L) and Shell (SHEL.L) also backed their respective climate plans, while alternative climate resolutions proposed by investors failed to garner enough support.

Activists on the outside, organized by climate groups including local branches of Greenpeace and Friends of the Earth, were calling on TotalEnergies to exit its Russian operations altogether and on shareholders to stop funding ‘deadly’ climate projects. ‘environment. Read more

Pouyanne said the group would exit its Russian assets if sanctions required it.

In March, TotalEnergies announced its intention to reduce emissions from its petroleum product sales by more than 30% by 2030 compared to 2015. read more

A UN report has called for drastic cuts in emissions to avert the increasingly catastrophic consequences of climate change.

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Reporting by Benjamin Mallet, Sarah Morland and Tassilo Hummel; Editing by Sudip Kar-Gupta, Cynthia Osterman and Mark Porter

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