Bloomberg Law
May 26, 2023, 12:20 PM

TotalEnergies Shareholders Back Company’s Carbon Emissions Plan

Francois de Beaupuy
Francois de Beaupuy
Bloomberg News

TotalEnergies SE shareholders backed the French oil and gas giant’s push into renewables, and rejected an investor resolution calling for company to target a swift and drastic reduction in the carbon emissions of its customers.

The non-binding resolution backed by activist group Follow This, which called on TotalEnergies to align its 2030 goals for so-called Scope 3 emissions — those generated by fuel sold to its clients — with the Paris Climate Agreement, was approved by 30% of shareholders at the group’s annual meeting in Paris on Friday. In contrast, the company’s own climate plan secured overwhelming support.

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