TotalEnergies Won't Put Shareholders' Climate Resolution to AGM, But Makes New Commitments

   By Giulia Petroni

TotalEnergies SE's board of directors has decided not to include a proposed climate resolution in the agenda of the next annual shareholders' meeting, but said it has made new commitments to cut carbon emissions.

The French oil-and-gas major said late Wednesday that the resolution presented by a group of 11 shareholders "contravenes French legal rules setting the prerogatives of the Company's governance bodies."

Shareholders requested the company align its activities with the goals of the Paris Agreement and set reduction targets of direct or indirect greenhouse gas emissions, detailing the means to achieve them, TotalEnergies said.

The company said it has made new commitments ahead of its shareholders' meeting, including reduction targets for Scope 1, 2 and 3 emissions--those under its operational control and those linked to the use of its products--in the short and medium terms, covering all activities.

These include the evolution of the energy mix and targeted production volumes, detailed investment plans, the potential contribution of captured GHG emissions to achieving reduction targets, and assessing the relevance of these targets in regards to the implementation of the Paris Agreement.

The new commitments will be detailed in the company's sustainability and climate report, TotalEnergies said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 28, 2022 02:28 ET (06:28 GMT)

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