TotalEnergies Recommends Rejecting Shareholder Proposal on Scope 3 Emission Targets

By Giulia Petroni

TotalEnergies SE said its board of directors is recommending shareholders reject a draft resolution calling on the company to set targets for its indirect emissions generated in the value chain at its annual meeting.

"The proposed resolution does not provide a credible response to the challenges of climate change and would be contrary to the interests of the company, its shareholders and its customers," the French major said on Friday.

The resolution, drafted by a group of shareholders representing less than 1.4% of TotalEnergies' share capital, concerns the company's Scope 3 emissions, which are linked to the use of energy products sold to costumers.

"Drastically decreasing TotalEnergies' global Scope 3 emissions in absolute value, without an evolution of the overall structure of energy demand, would lead to a shift of this demand to other suppliers, notably the national oil companies of producing countries," the company said.

TotalEnergies currently has in place targets concerning its Scope 1 and Scope 2 emissions, which refer to the company's own direct emissions and to indirect emissions from purchased energy, respectively.

TotalEnergies is set to host the annual shareholders meeting on May 26.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

April 28, 2023 04:15 ET (08:15 GMT)

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