Climate activists gathered outside TotalEnergies’ headquarters in Paris ahead of the company’s annual shareholders’ meeting, protesting the French state’s undisclosed accumulation of a 1.33% stake in the energy giant. The stake, valued at approximately $2.8 billion, was revealed through a U.S. regulatory filing earlier this year, making the French state one of the company’s largest shareholders.
Campaigners criticised the investment, arguing that public funds should not be used to support fossil fuel projects at a time of growing climate concerns. Protesters called on the government to halt further investments in oil and gas developments and urged authorities to impose additional taxes on energy sector profits to support consumers facing higher energy costs.
The stake is held through France’s public financial institution, Caisse des Dépôts et Consignations (CDC), which said its investment aligns with its mission of supporting major French companies and promoting economic stability. While TotalEnergies continues to expand oil and gas operations, the company has also invested heavily in renewable energy projects. The CDC stated that it prefers engaging with companies to encourage climate action rather than divesting from them.
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