June 16, 2024


The head of TotalEnergies has told shareholders that new oilfields have to be developed to meet global demand, as the annual meetings of the French energy giant and one of its biggest shareholders were picketed by climate activists.

Police said they detained 173 people among hundreds who gathered outside the Paris headquarters of Amundi, one of the world’s biggest investment managers and a major TotalEnergies shareholder.

Climate activists also gathered hours before the TotalEnergies annual general meeting opened. Greenpeace members unfurled a huge “Wanted” banner calling its chief executive, Patrick Pouyanné, “the leader of France’s most polluting company”.

The banner was quickly taken down by police.

Several hundred activists belonging to Extinction Rebellion gathered outside Amundi for its general meeting.

A few dozen protesters forced their way into Amundi’s tower block, daubing graffiti on the walls and smashing some windows, police said. Amundi said eight of its security staff were injured.

The activists say TotalEnergies is contributing to global warming and the destruction of biodiversity through its gas and oil activities.

Police detain protesters outside Amundi’s offices. Photograph: Antonin Utz/AFP/Getty Images

Pouyanne told shareholders that higher oil prices prompted by insufficient fossil fuel output “would quickly become unbearable for the populations in emerging countries, but also in our developed countries”.

Demand for oil was growing in line with the global population, he said.

But Pouyanne said TotalEnergies would pursue its “balanced strategy” of developing both fossil fuel and low-carbon energy production.

TotalEnergies had proved it was possible “to be a profitable, or even the most profitable, company while pursuing a transformation” toward cleaner energy, he said.

At Friday’s meeting, nearly 80% of shareholders approved the company’s climate strategy, with more than 75% also voting to renew Pouyanne as CEO for three years.

Pouyanné, who last month floated the idea of a New York listing for the company, told shareholders there was “no question” of TotalEnergies leaving France.

He said in April that there was “a case” to move from the Paris CAC 40 index to New York in search of higher valuations and larger markets.

The French president, Emmanuel Macron, asked by Bloomberg if he would be “happy” with such a move, responded: “Not at all and I would be very surprised.”



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