TotalEnergies under the Senate grill: the upper house revealed this Wednesday, June 19 a series of recommendations to guarantee compliance by the oil group with France’s climate commitments, after several months of work by a transpartisan commission of inquiry.
Initiated in December by the environmental group at the Palais du Luxembourg, this commission of inquiry managed to complete its work last week with the unanimous adoption of a report, a feat in an assembly dominated by an alliance of the right and center. After having conducted more than 40 hearings, this commission of inquiry “on the means mobilized and mobilized by the State to ensure that the TotalEnergies group takes into account and respects climate obligations and the orientations of France’s foreign policy “, makes 33 recommendations to the State.
The State should hold “specific action”
The first recommends “the holding by the State of a specific share in the capital of TotalEnergies”. This “would allow the State to have a ‘right of inspection’ over the shareholder developments of the group and greater information, even greater influence, with regard to the strategic decisions of its board of directors. “administration”, underlines the report. The commission of inquiry justifies this proposal in view of “the evolution of the threats weighing on the energy sovereignty of France and Europe, the evolution of the shareholder structure of TotalEnergies”, very oriented towards the United States, “and the need to support a European major in its energy transition efforts”.
The hypothesis of seeing TotalEnergies relocate its main listing to New York “made the Senate react”, explains environmentalist senator Yannick Jadot, rapporteur of this commission chaired by LR Roger Karoutchi. “France supports those who believe in France, not others. I think that Total never had to complain about being French when it went to its export markets”, recently criticized, in the columns from L’Express, Emmanuel Macron.
Stopping imports of Russian LNG
The report also considers it necessary to “raise France into a pioneering position compared to other European countries, by proposing the inclusion of Russian LNG (liquefied natural gas) in energy products under European sanctions and by setting an example through the ruling imports of Russian LNG into France as soon as possible. LNG, liquid gas transported by ships, is highly coveted in Europe, particularly since the invasion of Ukraine and the drying up of Russian gas supplies via land-based gas pipelines. TotalEnergies imports Russian LNG from gas fields in Siberia.
The report also calls for “an end to new projects or new phases of ongoing projects involving French companies in the hydrocarbon sector in Azerbaijan”, which is also the host country of the next UN climate conference (COP29) in November. . “Six months ago, who could have predicted that we would emerge from this commission of inquiry with a consensual report?” Yannick Jadot underlined to the press, referring to a “compromise” report which “does honor to the Senate” .
As it celebrates its 100th anniversary in 2024, the oil and gas multinational and its CEO Patrick Pouyanné continue to focus criticism from associations on their refusal to exit oil too quickly, a strategy assumed by the group during its hearing at the Senate.