Pension funds metal: Total must also do better for the climate | Money

The metal funds say it is positive that the French concern is taking steps against global warming, but think Total’s measures against CO2 emissions do not go far enough. These pension funds previously voted against Shell’s climate plans and now Total’s climate steps are also qualified as insufficient.

Concrete consequences are not linked to the voting results. Total does not want to emit any more CO2 by 2050. Emissions from all oil and gas activities must therefore be reduced by 40% by 2030 compared to 2015, according to documents for the upcoming shareholders’ meeting. Total also promises to invest more in energy from renewable sources, such as wind and solar energy.

Climate agreement

But PME and PMT argue that the interim targets are not in line with the Paris climate agreement. The pension funds refer to calculations of the Transition Pathway Initiative. This is a group of asset managers who compare the climate policy of companies with the goals of the climate agreement.

This would show that Total will emit almost 63 grams of CO2 per megajoule of energy produced in 2030. According to PME and PMT, this must be 39.5 grams to meet the criteria of the Paris climate agreements.

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