Asset owners Man Group, PGGM and MN file Total climate motion
Some of Europe's biggest asset owners - including PGGM, Man Group and MN, have filed a climate resolution at French oil giant TotalEnergies.
The shareholders demand the company's board to align its 2030 Scope 3 emission reduction targets with the UN Paris Agreement.
The group of in total 17 investors are from various European countries, including the UK, Belgium, the Netherlands and France.
They include Achmea Investment Management, Edmond de Rothschild Asset Management as well as Sycomore Asset Management.
Bertille Knuckey, a fund manager at Sycomore AM, said that "based on Total's plans to ramp up gas production, we expect [TotalEnergies] to become the largest European hydrocarbon producer by 2030."
She stressed that "this is not reconcilable with the Paris-aligned emission reduction pathway."
"Investors need to vote to voice their opinion on this strategy," Knuckey said.
The motion was co-organised by Dutch climate activist group Follow This, which filed similar resolutions at BP, Chevron and Shell in the past.