PARIS/LONDON (Reuters) – The Dutch NGO Follow This announced on Thursday that it had filed a resolution with a group of investors that they intend to submit to the general meeting of shareholders of TotalEnergies to encourage the company to set targets ambitious reduction in greenhouse gas emissions.

According to the draft resolution, in the event of a favorable vote at the AGM of May 26, the shareholders would express their wish that TotalEnergies aligns its objectives for 2030 with the Paris Agreement on the climate.

The oil and gas company, also very present in renewable energies, confirmed in March its emissions target linked to all products used by its customers worldwide, known as “scope 3”, which would be set at less than 400 million tons of CO2 equivalent (Mt CO2e) in 2030, compared to 389 Mt in 2022.

“To achieve the goal of [l’accord de Paris]the world needs to almost halve emissions by 2030, but TotalEnergies has no plans to cut emissions in this decade,” Mark van Baal, founder of Follow This, was quoted in a statement as saying.

“Climate resolutions at big oil companies will show which investors are serious about solving the climate crisis and which prefer to just talk about it,” he added.

According to Follow This, the group of investors behind the resolution holds nearly 1.5% of the capital of TotalEnergies and includes Achmea IM, Degroof Petercam AM, Edmond de Rothschild AM, La Banque Postale AM ​​& Tocqueville Finance, La Financière de l’Echiquier, Mandarine Gestion, Man Group, Ofi Invest AM, PGGM Investments and Sycomore AM.

The “scope 3” represents approximately 91% of the group’s emissions. For several years, NGOs and certain investors have been asking it to set itself more restrictive reduction targets for this indicator.

According to the scientific consensus, the world must reduce its greenhouse gas emissions by around 43% by 2030 compared to 2019 levels to hope to meet the Paris Agreement goal of keeping global warming well. below 2°C compared to pre-industrial levels.

Follow This pointed out that its resolution was similar to others filed ahead of AGMs from Shell, BP, ExxonMobil and Chevron.

After a first resolution on the climate presented in 2020 by shareholders and not approved by TotalEnergies, which had received nearly 17% of votes in favor, the group’s GM validated its strategy of transition to carbon neutrality at 92% in 2021 and 89% in 2022.

The group will again submit an updated version of this strategy to an advisory vote of its shareholders on May 26.

(Reporting Benjamin Mallet and Shadia Nasralla; editing by Kate Entringer)

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