TotalEnergies ‘gets’ its oil and gas investments amid tense AGM

“This general assembly will not be held with impunity. » The hundreds of climate activists and scientists gathered in front of the Salle Pleyel in Paris will not be deterred by the TotalEnergies annual meeting on Friday 26 May. However, they seized the opportunity to once again increase pressure on the oil giant, which is accused of endangering the fight against global warming by continuing to operate in the hydrocarbon sector. A concern that was also expressed internally, with questions raised by several shareholders.

The group, which has set a record profit of $20.5bn (€19.5bn) in 2022, says it knew “benefit” An unprecedented energy context marked by very sharp increases in oil, gas and electricity prices caused by Russia’s invasion of Ukraine. This environment was very favorable for TotalEnergies to enter a new era. insisted CFO Jean-Pierre Sbrere.

Due to the company’s environmental impact, its CEO Patrick Poignant defended its climate strategy, which was unexpectedly adopted by some 1.5 million shareholders – of which around 500 were present at the Salle Pleyel. TotalEnergies wants to keep producing oil for the next decade and says it needs to continue investing in new facilities to offset the natural decline in active fields. company “I guess” Also a bet on fossil gas, proving that this energy source can play a role “positive” In the transition to replacing coal.

“The challenge is to go faster”

A choice that contradicts the conclusions of the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency, which found that achieving carbon neutrality no longer requires investing in new fossil installations, the energies that are mainly responsible for greenhouse gas emissions. The French company is the seventh in the world, planning the most new oil and gas fields in the short term.

Patrick Poignant also said he wanted to “Reply to the stupid people who accuse the company of greenwashing” Emphasizes increasing investment in the electricity sector, especially from renewable sources. Estimated at around 2 billion euros in 2020, they reached more than 4 billion in 2022 and should reach 5 billion in 2023, or half of the investment in new capacities. “The challenge is to go faster, stronger and above all faster”However, Transitional Energy Minister Agnes Panier-Runacher said on Thursday.