(Corrects paragraph six to show Amundi is the fifth biggest
investor in Total)
* Climate Action 100+ says Total is not doing enough
* Meeschaert, others investors to oppose climate motion
* Vote follows shareholder rebellions at Shell, BP
* Total declines comment on AGM voting intentions
By Simon Jessop and Benjamin Mallet
PARIS, May 27 (Reuters) - Several Total
shareholders plan to demonstrate their concern that the French
firm is not doing enough to curb carbon emissions at its
shareholder meeting on Friday, as global oil and gas companies
come under growing environmental pressure.
The International Energy Agency has warned that new fossil
fuel projects must stop this year if the world wants to reach
net zero carbon emissions by the middle of the century, a far
faster pace than that envisaged so far by oil producers.
Total, which has faced growing investor calls in recent
years to set more ambitious climate change targets, is seeking
backing from shareholders for a motion on its environmental
goals, which includes reaching carbon neutrality by 2050.
But several French and international investors including
Meeschaert Asset Management (AM), PME, OFI, Ircantec, La
Française, Sycomore and Actiam have said or confirmed to Reuters
they plan to vote against the motion or abstain.
Beyond these investors, who together hold a small proportion
of Total's shares, it was not immediately clear how widespread
the revolt would be. Previous moves to take Total to task on its
climate goals have not had enough support to change its plans.
Amundi, which is Total's fifth biggest investor, and the
Norwegian oil fund, its fourth-biggest shareholder, have said
they are planning to back the plan at this week's meeting.
Total said on Thursday it did not want to comment on voting
intentions ahead of its AGM.
The scale of the rebellion will be keenly watched for any
indications it could prompt action by Total's board.
This week a tiny hedge fund dealt a major blow to Exxon
Mobil, unseating at least two board members in a bid to
force the company to do more on climate change.
Shell and BP both faced increased pushback
at recent AGMs for not doing enough to align their business
plans with the transition to a low-carbon economy as targeted in
the 2015 Paris Agreement on climate.
Total remains committed to new projects and plans to
increase gas production in the coming years, and is also
involved in building new projects in the Arctic and East Africa.
"It remains unclear how it will meet its goals given its
current pace of fossil fuel production and investments that
still significantly outpace those in renewables," Actiam said.
Thirty-four signatories to Climate Action 100+, the world's
leading investor initiative focused on pushing heavy emitters to
accelerate their efforts, separately said Total was still not
doing enough.
Total is also seeking shareholder approval to rebrand as
TotalEnergies, reflecting its drive towards electricity
production and investments in renewable energy.
(Reporting by Simon Jessop and Benjamin Mallet, additional
reporting by Gwladys Fouche in Oslo, Editing by Sarah White and
Alexander Smith)
