Activists Protest French State’s $2.8B Stake in TotalEnergies Ahead of AGM
French Government Investment in TotalEnergies Sparks Climate Activism
By America Hernandez
Climate Activists Rally Against State Stake
PARIS, May 28 - Climate activists demonstrated outside the headquarters of TotalEnergies on Friday to protest the state's accumulation of a 1.33% stake worth $2.8 billion in the oil major, making it the group's 10th-largest shareholder.
Public Outcry Over Use of Public Funds
"It's a democratic scandal as much as a climate scandal — no one asked citizens if their money should be used to support the oil and gas projects of one of the planet's largest polluters," said Laure Fourquet, senior campaigner for nonprofit Avaaz.
Protest Timing and Demands
The protest was timed to take place ahead of TotalEnergies' annual shareholders' meeting, also on Friday.
"The government must stop protecting TotalEnergies, stop all new investments with our funds in these fossil-fuel projects, and finally tax these superprofits," Fourquet added.
Details of the Government Stake
Disclosure and Structure of Investment
The government stake was not publicly announced in France but was disclosed in a February filing with the U.S. Securities and Exchange Commission, detailing major holdings of U.S.-listed companies. Total cross-listed its shares in New York in December.
Mission to Deliver Economic Stability
TotalEnergies is under fire for its blockbuster profits due to elevated oil prices resulting from the Iran war, with French politicians pushing for a supertax to subsidize energy aid for consumers.
Role of the Caisse des Depots et Consignements (CDC)
The French government stake in TotalEnergies is held via the Caisse des Depots et Consignements (CDC), the state's financial arm handling regulated savings accounts that guarantee citizens a rate of return.
Unlike France's official shareholding agency APE, which is controlled by the finance ministry and furthers government policy via firms like EDF and Engie, the CDC behaves more like an institutional investor under parliamentary oversight.
It does not disclose the stocks it purchases, only a sectoral breakdown. It declined to say how long it has held its stake in Total.
A CDC spokesperson said via email the body "has a mission to contribute to economic stability, national sovereignty and market regulation. Its ownership in TotalEnergies is consistent with this mission: holding strategic stakes in major French companies to support and facilitate their transformation."
Climate Commitments and Corporate Strategy
Alignment with Paris Climate Agreement
TotalEnergies declined to comment on the stake and whether it influences government relations, citing shareholder confidentiality.
CDC’s Paris Accord Alignment and Divestment Policy
The CDC in 2021 moved to align its portfolio to the Paris Accords goal of limiting global warming to 1.5 degrees Celsius by 2050. Last year it said it had divested from a dozen oil and gas companies — a move that spared TotalEnergies, SEC records show.
TotalEnergies’ Approach to Renewables and Fossil Fuels
Unlike some other majors, Total continues to invest in renewable energy, even as it expands its oil and gas exploration.
CDC’s Engagement and Voting Strategy
The CDC said it favours dialogue over divestment in its attempts to encourage companies to move to cleaner energy, including by voting in objection to Total's climate strategy for not being ambitious enough, each year it has been up for vote since 2023.
(Reporting by America Hernandez in Paris; Editing by David Holmes)
