(Reuters) – TotalEnergies on Friday published a letter pledging to issue new reduction targets for its greenhouse gas emissions over the next few years, after a group of French investors had asked for clearer targets.
The oil major’s letter to the Climate Action 100+ coalition – which collectively manages $68 trillion in assets – pledged to publish an annual report on its energy transition strategy including 2025 and 2030 targets on cutting emissions across Scopes 1, 2 and 3.
TotalEnergies, which had already pledged to submit the report to an advisory vote at this year’s May 25 shareholders’ meeting, said it would continue to do so in the following years.
It published the letter after a group of 12 French investors submitted a proposal to the company’s shareholders’ meeting asking it to publish more details regarding its investments to combat climate change.
The group said on Friday it had withdrawn its proposal saying TotalEnergies’ new commitments made its demands obsolete. A source told Reuters last week they represent some 0.8% of TotalEnergies’ capital.
Countries are toughening rules on companies disclosing data on risks and opportunities linked to climate change.
U.N. scientists warned this month there was little time left to cap global warming in line with goals set out at the 2015 Paris Agreement.
(Reporting by Benjamin Mallet and Sarah Morland; editing by Jason Neely)
