Total Withdraws From the American Petroleum Institute
January 15 2021 - 9:07AM
Dow Jones News
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."
***
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
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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)
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