A Total refinery (illustration). – PATRICK GELY
Is changing your name enough to change your image? This is the question that Total seems to be asking, one of the five world “supermajors”, about to rename itself TotalEnergies.
While the group hopes to symbolize its diversification into cleaner energies, it is struggling to convince investors that it is doing enough for the climate, in the face of growing pressure.
The oil and gas giant, which now also invests in wind and solar power, is holding its annual general meeting on Friday, May 28. The shareholders will have to vote on a very symbolic resolution: the change of identity of the company, founded in 1924 under the name of Compagnie française des pétroles, into TotalEnergies.
A climate resolution far from convincing
“The group affirms its desire to transform into a multi-energy company to meet the double challenge of energy transition: more energy, less emissions”, explains its CEO, Patrick Pouyanné, whose mandate must also be renewed. for three years at the GA.
Like its European peers, and unlike the American giants, Total is developing in renewables and wants to accelerate. In 2021, the company will therefore allocate more than 20% of its net investments in renewables and electricity.
But the group finds itself under increasing pressure from conservationists, as well as investors now, to do more to tackle climate change.
Last year, eleven investors (La Banque Postale Asset Management, Crédit Mutuel, Meeschaert …) proposed a resolution to force Total to more ambitious climate objectives. Fought by management, it was rejected by shareholders but still garnered 16.8% of favorable votes.
“We are not at all in front of a company in transition”
This time around, Total has therefore taken the lead by promoting targets for 2030 on the path to carbon neutrality targeted in 2050. Criticizing the management’s resolution, the NGOs Greenpeace and Reclaim Finance denounced a “diversion strategy” and an “umpteenth attempt by Total to counter a possible shareholder resolution on the climate”.
“We are not at all in front of a company in transition,” criticizes Lucie Pinson, founder of Reclaim Finance, citing her new hydrocarbon production projects. Total, for example, recently signed agreements for a large oil project in Uganda. It has also just relaunched a large gas project in Papua.