TotalEnergies investors back company’s climate plan despite protests -Breaking
[ad_1]
© Reuters. FILE PHOTO – The TotalEnergies logo is seen on the skyscraper of the company’s headquarters in Paris’ La Defense district, France. March 24, 2022. REUTERS/Benoit TessierBy Benjamin Mallet
PARIS (Reuters), -TotalEnergies shareholders voted Wednesday in favor of France’s oil and gas giant’s climate strategy during an annual meeting. Protesters protested outside, denouncing the company’s Russian business and environmental damage.
The support at 88.89% is down from 91.88% in the last year, when shareholders voted for the climate plan. They also approved a new branding to mark the company’s transition toward renewable energy.
Although few shareholders could access the room because of the 200 protestors outside, it was possible to transmit the online meeting to the required quorum. The meeting began soon after the scheduled time.
TotalEnergies’ climate resolution was met with opposition by minor shareholders. They pushed the company further to cut greenhouse gas emissions.
Although two minority shareholders had suggested alternative resolutions for the climate at the general meeting, one of them was pulled after TotalEnergies announced new transparency promises.
Last month, the company blocked another resolution to bring its emission targets in line for Paris’ climate agreement. It cited legal grounds.
Patrick Pouyanne, chief executive of Paris International said to shareholders that the transposition of Paris agreements into company statutes could lead to potentially dangerous and huge legal disputes.
The pay package was approved by shareholders, although nearly half of those who opposed it were defeated.
Shell (LON-) and BP, which are rivals to Shell (NYSE:), also supported their climate plans. Investors did not support alternative solutions.
Outside activists, coordinated by local chapters of Greenpeace/Friends of the Earth, called on TotalEnergies shareholders and to end funding of environmentally harmful projects.
Pouyanne indicated that the group would leave its Russian assets should sanctions be imposed.
TotalEnergies stated in March that it plans to reduce its emissions by 30% or more by 2030, compared to 2015.
According to a U.N. report, drastic emissions cuts are needed in order to prevent climate change’s increasingly devastating consequences.
[ad_2]
