Crédit Mutuel Asset Management's position in the company climate report

Image source © TotalEnergies

( – Upholding the mission-critical Crédit Mutuel Alliance Fédérale position, Crédit Mutuel Asset Management works for a more sustainable society. “Based on the mandate received from its clients to contribute to the energy and environmental transition in our economy, Crédit Mutuel Asset Management considers shareholder dialogue an essential tool of its investment policy to promote a sustainable transition. Through constructive dialogue among shareholders, on a regular and respectful basis, Crédit Mutuel encourages Asset Management companies are on a path to reduce carbon emissions, with intermediate targets ambitious enough to limit global warming, in accordance with the Paris Agreement.”

“For nearly three years, a good shareholder dialogue with TotalEnergies” continues to build. “Crédit Mutuel Asset Management welcomes the fruitful exchanges with the Group’s teams and their positive developments which have notably led the Group to commit to carbon neutrality by 2050 and reduce its investment in oil sands exploration.”

Despite these developments and this fruitful dialogue, Crédit Mutuel Asset Management will vote against the proposed Shareholder Resolution No. 16.
However, fossil fuels specifically should be a target of significant reduction in accordance with the long-term goals of the Paris Agreement. The TotalEnergies trajectory appears to be inconsistent with that which is globally desirable and likely to increase conversion risks.”

“In addition, Crédit Mutuel Asset Management regrets the hypothetical stability of scope 3 global hydrocarbons during the 2020-2030 period announced by the group.”

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