It is this Friday, May 28, 2021 that the Total group held its general meeting with for agenda a vote on the change of name of the company. Indeed, the oil and gas leader intends to change its image and show that it invests in renewable energies in order to convince and attract new investors, as evidenced by the development of its activities in solar energy and photovoltaic energy. Of course, there is a very specific reason behind this change of name and some believe that the oil company is above all moving towards its own interests and adapting to public decisions. We know that Total is still investing a lot of money in fossil fuels in countries such as Uganda, the Arctic or in gas in Papua.
If the Total group shows that it depends more and more money in renewable energies, it seems to continue to produce fossil energies, which could seem contradictory. Indeed, the group seems to affirm its will to become a multi-energy company in order to meet the double challenge of the energy transition, i.e. to produce more energy with less emissions. The group has thus announced its wish to increase its investments in renewable energies by 20% in 2021.
But it seems difficult to achieve carbon neutrality in 2050 while continuing to develop oil and gas projects in parallel. The oil supermajors have been called to order by the International Energy Agency, which has asked them to abandon all fossil fuel projects and to set targets as early as 2030.
We can therefore better understand the expectations of this general assembly, which unveiled a more ambitious roadmap. In 2020, we remember that eleven shareholders had asked for a climate resolution which was finally rejected by the management.
It is thus this morning that the shareholders of the Total group met to discuss the change of identity of the group. The shareholders approved the change of the company's name by 99.88% today.
Following this vote and therefore this favorable decision, the current CEO of the Total Group, Patrick Pouyanné, spoke and was particularly pleased with the vote of the resolution that confirms the ambitions of TotalEnergies in terms of sustainable development in favor of the transition to carbon neutrality, which was widely adopted.
He concluded his speech by saying: "Thank you for your confidence, we will not disappoint you."
It now remains to be seen how the market and investors will react to this vote and announcement and whether it will really enable Total to regain their confidence.