Activist group Follow This wants the oil companies to commit to absolute emissions cuts by 2030, rather than intensity-based targets
“To achieve the goal of Paris , the world has to almost halve emissions by 2030, but TotalEnergies has no plan to drive down emissions this decade,” Follow This founder Mark van Baal said.
“These climate resolutions at Big Oil will show which investors are serious about resolving the climate crisis and which prefer to just talk about it.”Follow This wants the companies to commit to absolute emissions cuts by 2030, rather than intensity-based targets, including Scope 3 emissions from the combustion of the fuels they sell.
Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy or biofuels to its product mix.Scientists say the world needs to cut greenhouse gas emissions by 43 per cent from 2019 levels by 2030 to have any hope of meeting the Paris Agreement goal of keeping warming below 2 degrees Celsius above pre-industrial levels.
TotalEnergies’ climate strategy was approved by about 90 per cent of shareholder votes in 2021 and 2022. Follow This resolutions at other oil majors last year received between 15 per cent and 33 per cent of the votes.Your Globe
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