Climate targets resolution at Total


Paris-aligned targets for all emissions (Scope 1,2, and 3) become mainstream

A coalition of institutional investors announced today that they have filed a climate targets resolution at Total. “Follow This is delighted that institutional investors have now filed a resolution with the same request as ours,” says Mark van Baal of Follow This, a group of green shareholders that has filed similar resolutions at Shell, BP, and Equinor. The Follow This resolutions and the resolution at Total all call for Paris-aligned targets for all emissions (Scope 1, 2, and 3).
“The fact that institutional investors demand that an oil major commit to the Paris Agreement is reason for great hope in the fight against climate change.”
Similar resolutions have been effective with Shell in 2017 and with BP and Equinor in 2019. “These oil majors have only moved after investor support for climate targets resolutions. We hope this resolution will have the same effect on Total.”
Remark: Follow This did not file a climate resolution at Total, because French law requires a share of at least 0.5% in Total (the group of investors holds 1.35%).
“The oil industry can make or break the Paris Climate Agreement. Luckily, more and more investors want to compel oil companies to change course, because they see climate change as a huge risk to their assets.”
Shell and Equinor
“The fact that their peers are filing a climate targets resolution will encourage institutional investors to vote for all climate resolutions, including ours at Shell and Equinor.”
Remark: Shell will publish its voting advice for the Follow This resolution most probably on Thursday.
Dutch investor Actiam joins French investors
“Once again, Actiam takes leadership in the addressing climate crisis,” says Mark van Baal. In 2016, Actiam was the first large Dutch investor that voted for the Follow This climate resolution at Shell (table below).

Key ask of the resolution
The resolution “aims to modify the articles of association as follows: the management will specify targets for the reduction in absolute value of greenhouse gas (GHG) emissions, direct or indirect (Scope 1, 2, and 3) in line with the goal of the Paris Agreement.”
Targets for Scope 3: from “unreasonable” to fair ask
In 2017, most investors agreed with Shell’s argument that product emissions targets (Scope 3) were “unreasonable” (directors’ response). Three years later, investors have filed a resolution with the exact same ask: Paris-aligned targets for all emissions.
Group of French investors and the Dutch investor Actiam

  • Actiam
  • Candriam
  • Crédit Mutuel Asset Management and Assurances du Crédit Mutuel
  • Ecofi Investissements
  • Fédéral Finance
  • La Banque Postale Asset Management
  • Meeschaert AM
  • Sycomore Asset Management

Press release in French