Regulatory News:

 

Following a detailed analysis of the climate positions of the American Petroleum Institute (API), Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces its decision not to renew its membership for 2021.

 

Each year, Total assesses the main industry associations of which it is a member to ensure they are aligned with the Group's climate positions. This alignment review is based on six key points:

   1. our science-based position that the link between human activity and 
      climate change is an established fact, 
 
   2. our support for the objectives of the Paris Agreement, 
 
   3. our belief in the necessity to implement carbon pricing, 
 
   4. our confidence in the key role that natural gas plays in the energy 
      transition, 
 
   5. our support for policies and initiatives that promote the development of 
      renewable energy, and 
 
   6. our support for the development of CO2 capture and storage. 
 

These items are detailed in the Getting to Net Zero report issued in September 2020.

 

Following the 2019 and 2020 reviews, API's positions were assessed as "partially aligned" with those of the Group. Certain divergences, which have been discussed within the association, remain today:

 

- regarding the role of natural gas, API maintains its support for the rollback of U.S. regulation on methane emissions, which the Group opposed in November 2019;

 

- regarding transport decarbonization, API is part of the Transportation Fairness Alliance, which is opposed to subsidies for electric vehicles;

 

- regarding the carbon pricing principle, API expresses differing positions to those of Total.

 

Moreover, API gave its support during the recent elections to candidates who argued against the United States' participation in the Paris Agreement.

 

"The Group acknowledges the API's considerable contribution, for over a century, to the development of our industry. Nevertheless, as part of our Climate Ambition made public in May 2020, we are committed to ensuring, in a transparent manner, that the industry associations of which we are a member adopt positions and messages that are aligned with those of the Group in the fight against climate change", said Patrick Pouyanné, Chairman and CEO of Total. "This transparency responds to our stakeholders' expectations, as well as being an essential guarantee of the credibility of our strategy."

 

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About Total

 

Total is a broad energy company that produces and markets fuels, natural gas and electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

 

Notice

 

This press release is published solely for information purposes and cannot be construed as having any legal effect. The entities in which Total SE directly or indirectly holds equity interests are separate and independent legal entities. Total SE may not be held liable for acts performed or omissions made by said companies. The terms "Total", "Total Group" and "Group" that appear in this document are generic and are used solely for the sake of convenience. Similarly the terms "we" and "our" may also be used in reference to subsidiaries or their employees.

 

This document may contain forward-looking information and statements that are based on business data and assumptions formulated in a given economic, competitive and regulatory context. They may prove inaccurate in the future and are dependent on risk factors. Neither Total SE nor any of its subsidiaries commit to or assume liability towards investors or any other stakeholder to update or revise, particularly based on new information or future events, all or part of the statements, forward-looking information, trends or objectives contained in this document.

 

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    CONTACT: Total 

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com

 
    SOURCE: Total 
Copyright Business Wire 2021 
 

(END) Dow Jones Newswires

January 15, 2021 08:52 ET (13:52 GMT)