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Total SE quit the American Petroleum Institute, a lobby group that counts large oil companies among its members, after deciding it was not aligned with the organization on climate change.
Total TOT based in Paris,
TTA,
TTA,
Europe’s second-largest publicly traded oil and gas company in terms of market value, said on Friday it was only “partially aligned” with API positions on climate change policy and that it was ‘she would not renew her membership for 2021, citing disagreements with the API. positions against subsidies for electric vehicles, carbon pricing and methane emission regulations.
“We are committed to ensuring, in a transparent manner, that the professional associations of which we are members adopt positions and messages in line with those of the group in the fight against climate change”, Patrick Pouyanne, Chairman and CEO of Total said in prepared remarks.
Responding to Total’s disagreements, an API spokesperson said the organization “does not support subsidizing energy because it distorts the market and ultimately is harmful to consumers.”
“We believe that the global energy and environmental challenges are large enough that many different approaches are needed to solve them, and we benefit from a diversity of perspectives,” the IPA spokesperson said. “Our industry remains focused on taking meaningful action and developing policies at all levels of government to reduce US emissions and ensure access to affordable and reliable energy.
Total’s decision comes amid increasing pressure from investors on oil and gas companies to stop lobbying efforts that could curb climate change policy.
In May 2020, Total committed to achieving net greenhouse gas emissions of zero across all of its operations and energy sold in Europe by 2050, following a campaign to institutional investors representing over $ 40 trillion in assets. He described more details in September 2020.
Founded in 1919, API has said it has more than 600 members “from the largest oil company to the smallest of independents” across the US oil and gas industry, including Chevron Corp. CLC,
Exxon Mobil Corp. XOM,
and ConocoPhillips COP,
The group also includes the European oil and gas companies BP PLC BP,
Royal Dutch Shell PLC RDS.A,
Equinor ASA 0M2Z,
EQNR,
and Repsol SA REP,
0NQG,
among its ranks, according to the membership list on its website.
“Total’s decision to leave API is a sign of the times and it pushes Equinor, Shell and BP to follow suit very soon,” said Jeanett Bergan, responsible investment manager at the Norwegian 80 billion pension fund. of KLP dollars.
In 2018, API’s total spending was $ 242 million, including $ 16.9 million for lobbying and $ 42.3 million for advertising and promotion, according to its latest available tax return. Nonprofit InfluenceMap gives API an “F”, its worst rating, for lobbying against climate change policy.
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