Leading investors welcome a commitment secured with global energy company Total to achieve net zero emissions by 2050, or sooner.
This is the outcome of collaborative investor engagement with the company through Climate Action 100+, an investor initiative launched in 2017 to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. More than 450 investors and stewardship providers, with more than $40 trillion in assets, participate in Climate Action 100+ globally. Total’s commitment to net zero emissions is the latest Climate Action 100+ initiative.
Helena Viñes Fiestas, Global Head of Stewardship and Policy at BNP Paribas Asset Management and part of the organisations leading engagement with Total, explains: “This agreement is one of the most significant achievements in the oil and gas industry so far. We have had a long relationship with Total and our dialogue over time has resulted in mutual trust and understanding, enabling us to work together towards a carbon neutral, or net zero, future. The global energy system is under significant structural pressure from long-term forces such as decarbonisation and the deflationary impact of renewables, and how companies respond to the challenge of climate change will be key in determining their competitiveness in the longer-term. Total’s commitment shows that it understands the scale of this challenge and its ambition on renewables and plan for reducing its carbon footprint by 2050 position it at the forefront of its peer group of European majors.”
Engagement will continue with Total to support the company and ensure delivery of the commitments made, while continuing to build on existing ambition.