- TotalEnergies CEO Patrick Pouyanné reaffirmed plans to balance oil production with expanding low-carbon electricity, targeting a 20% electricity share by 2030.
- Climate activists disrupted operations in Paris with protests against the company and its financier, BNP Paribas, leading to arrests.
- TotalEnergies faces a June 5 trial over alleged greenwashing. The company plans to reduce its planned low-carbon investment from 33% to 25% by 2030.
TotalEnergies CEO Patrick Pouyanné reasserted the company’s energy strategy, combining oil and gas with a steady expansion into low-carbon electricity. He addressed shareholders during the Annual General Meeting at the company’s La Défense headquarters.
Pouyanné stated that TotalEnergies will maintain its focus on low-cost hydrocarbon production and grow its electricity business. He said electricity should make up 20% of TotalEnergies’ energy sales and output by 2030.
He reassured shareholders about the company’s ability to navigate economic challenges. He pointed to disciplined investment practices and strong cash flow as key factors for stability amid oil price volatility.
Meanwhile, climate activists staged protests across Paris in opposition to TotalEnergies and its financiers. Extinction Rebellion (XR) led several actions targeting the company and BNP Paribas.
In one protest, XR activists attempted to enter BNP Paribas’ headquarters. They accused the bank of funding TotalEnergies’ fossil fuel operations. The group poured black liquid on the building’s stairs and threw fake banknotes. Police responded quickly and arrested seven activists.
BNP Paribas condemned the protest. The bank insisted that its recent financing supports more low-carbon projects than fossil fuel developments.
Later, another group of about 50 activists tried to hold a “counter-general meeting” near the Sacré-Cœur. Police blocked the gathering and took two organisers into custody. These protests highlighted growing public anger over the oil industry’s climate impact.
TotalEnergies also faces an upcoming legal battle. The company will appear in court on June 5 over allegations of “misleading advertising.” Several NGOs argue that the company misrepresented its climate efforts and misled the public.
Pouyanné responded to these claims during the meeting. He said TotalEnergies’ strategy aligns with internal forecasts. According to him, global oil demand will soon plateau, while electricity demand will keep rising.
Despite previous plans, Pouyanné revealed that the company will reduce the share of investments in low-carbon energy. Between 2026 and 2030, TotalEnergies will allocate 25% of its assets to low-carbon energy, down from an earlier target of one-third.
Pouyanné also confirmed the company’s plan to pursue a continuous listing on the New York Stock Exchange. TotalEnergies currently trades in Paris. He said the U.S. listing would help the company attract more international investors.
He assured shareholders that TotalEnergies would keep its headquarters in France. He emphasised that the move aims to expand the company’s global reach, not to shift its base.
TotalEnergies now faces scrutiny from activists, the courts, and the financial sector. Its decisions in the coming months will shape its position in a rapidly changing energy landscape.