TotalEnergies Recommends Rejecting Shareholder Proposal on Scope 3 Emission Targets
28 Aprile 2023 - 10:30AM
Dow Jones News
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 giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 28, 2023 04:15 ET (08:15 GMT)
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