TOTALENERGIES SE | Approve Report on Progress of Company's Sustainability and Climate Transition Plan (Advisory)
How other organisations have declared their voting intentions
| Organisation name | Declared voting intentions | Rationale |
|---|---|---|
| CNP Assurances | Against | We welcome the transparency work carried out by TotalEnergies in its Sustainability & Climate Progress Report, which makes it possible to measure the Group’s commitments. In particular, TotalEnergies has undertaken to be net-zero by 2050 (scopes 1, 2 and 3) by publishing its planned energy mix at that date, take into account the reduction of GHG emissions in the variable compensation of the manager, implement concrete actions in terms of the just transition to support its employees in building the skills and projects that will facilitate the Group’s energy transition and submit its climate report to the shareholders’ advisory vote each year so that the general meeting can decide on the proper implementation of the climate strategy. Despite these announcements, TotalEnergies’ strategy remains based on the production of oil and fossil gas, which will still account for 80% of the energy mix by 2030 thanks to the development of new oil and fossil gas exploration and production projects, which is not aligned with the International Energy Agency’s 1.5 °C scenario. TotalEnergies has set ambitious intermediate targets for scopes 1 and 2, but plans to reduce its scope 3 very modestly by 2030, which nevertheless constitutes nearly its entire carbon footprint. Furthermore, the climate strategy is based on the strong assumption of developing CO2 capture techniques to achieve carbon neutrality while maintaining a mix of 25% fossil fuels in 2050. |
| Lothian Pension Fund | Against | Although we recognise progress in the achieved emissions reductions and progress in the roll out of renewable energy generation, there continues to be a lack of disclosure related to project economics for the gas portfolio and pipeline to assess alignment with credible decarbonisation pathways. |
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