Tear gas taints the air as TotalEnergies annual meeting rejects climate activist resolution.

TotalEnergies shareholders voted against an activist resolution on Friday that called for accelerated cuts to the oil major’s greenhouse gas emissions program. The resolution, submitted by climate group Follow This and supported by 17 institutional investors managing a total of 1.1 trillion euros, received 30.44% of the votes. This marked an increase from the 17% vote share achieved in 2020 when a similar resolution was proposed.

Activist Resolution on Greenhouse Gas Emissions

Despite the heightened support for climate action, TotalEnergies shareholders did not back the resolution, emphasizing the complexities involved in achieving faster emission reductions. The meeting, held in central Paris, was marred by clashes between climate protesters and the police. Teargas and pepper spray were employed to disperse the demonstrators and ensure the safe passage of shareholders through the protest crowd.

Climate Activists Clash with Police at TotalEnergies Annual General Meeting in Paris

The confrontation between climate activists and law enforcement outside the meeting venue highlighted the growing pressure on oil and gas companies to adopt more ambitious emission reduction strategies. Similar incidents occurred recently at Shell’s shareholder meeting and BP’s AGM, illustrating the increasing frustration of activists towards the industry’s response to the climate crisis.

TotalEnergies Faces Demands for Stricter Emission Reduction Targets

The Follow This resolution, opposed by the TotalEnergies board, demanded the company commit to more substantial absolute emissions cuts by 2030 rather than relying on intensity targets that may decrease as renewable assets are added. It also called for the inclusion of Scope 3 emissions, which encompass emissions resulting from the use of the company’s sold fuels, in TotalEnergies’ 2030 targets.

Energy Minister Agnes Pannier-Runacher emphasized the need for oil and gas companies to reimagine their future and transition away from fossil fuels. However, TotalEnergies’ internal climate plan, which focused on emissions from directly-owned facilities and excluded Scope 3 emissions, was approved by 88.76% of the votes.

In the face of these developments, climate activists argue that TotalEnergies is disregarding the scientific consensus on the urgency of emission reductions. They believe the company cannot evade responsibility for Scope 3 emissions by claiming they are solely the customers’ concern.