A group of eleven investors representing around 1.35% of energy major Total’s capital said on Wednesday the company needed to do more to meet its obligations under the 2015 Paris climate accord. The group, led by French asset manager Meeschaert, said it will present a resolution during Total’s May 29 general assembly meeting to amend the statutes of the company to strengthen its commitments to achieve the goals in Paris Climate Agreement.
The investors said in a statement that Total’s current targets on climate change were insufficient. A spokesman for the company said the group does not comment on resolutions before the shareholders general assembly meeting. Energy companies have come under increased pressure from governments, activists and investors to lay out a clear path towards substantially, decreasing not only their own emissions, but also those from the products they sell.
It said the target in the Paris agreement to limit global warming to 1.5 degrees Celsius by the end of the century could lead to the end of oil and gas development, and they were concerned by the risk of Total’s assets becoming stranded.
Source: Reuters
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