(Paris) The State should impose a stop “as soon as possible” on imports of Russian LNG and take “specific action” on the capital of TotalEnergies to have a “right of inspection”, estimates a commission in a report published on Wednesday. senatorial inquiry, in the name of the “sovereignty” of the country.
After several months of work, this transpartisan commission on “the means of the State to ensure that TotalEnergies complies with climate obligations and the orientations of France’s foreign policy”, unveiled 33 proposals, concerning both the oil group and the authorities.
Initiated in December by the environmental group, this commission chaired by LR Roger Karoutchi with environmentalist senator Yannick Jadot as rapporteur, managed to complete its work with a report adopted unanimously. A feat in an assembly dominated by an alliance of the right and the center.
“Six months ago, who could have predicted that we would emerge from this commission of inquiry with a consensual report? », Underlined Mr. Jadot, speaking to the press about a “compromise” report which “does honor to the Senate”.
“We ultimately found a healthy balance, with realistic, concrete proposals,” added Mr. Karoutchi.
In this report, which is not an “indictment” against TotalEnergies, according to its authors, “only five or six” recommendations concern the group, underlined Mr. Karoutchi, the others relating more broadly to France’s energy objectives and to corporate climate governance.
“Even if of course TotalEnergies has to make a lot more effort, it is rather in a better position than most of its major competitors on the transition,” said the senator, a recurring argument of TotalEnergies.
However, the report considers that, “without underestimating the investments already made”, “it should be encouraged to accelerate its investment strategy in renewable energies as much as possible”.
And so that the company remains “a pillar of our sustainable energy sovereignty”, the commission puts its feet in the matter by proposing to “provide for the State to hold a specific share in the capital”.
Concretely, this would allow the State to have a “right of oversight” over the group’s shareholder developments and “greater influence” over the strategic decisions of its board of directors.
Like the possible listing in New York, in addition to Paris, of the group, almost half of which is owned by North American institutional shareholders.
This hypothesis, raised in the spring, “made the Senate react,” recognizes Mr. Jadot. “A specific action allows the State, without interfering in the daily management of the company, to have a right of review if one day in the future, someone wanted to transform Total into an American company,” explained Roger Karoutchi .
“We are concerned that Total is a French symbol. This may not please North American investors, but too bad,” said Yannick Jadot.
The report also tackles another sensitive subject: Europe’s dependence on Russian LNG, this liquefied gas transported by ship, highly coveted in Europe since the war in Ukraine.
For the commission, we must “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.
TotalEnergies has always maintained its imports of Russian LNG to meet the needs of Europe, deprived of its Russian supplies by pipeline.
In addition, the commission proposes to “promote the search for a peaceful solution to the disputes in the South Caucasus by requesting the cessation of new projects or new phases of projects in progress involving French companies in hydrocarbons in Azerbaijan”, the country host of the next UN climate conference (COP29), where TotalEnergies is carrying out gas projects.
It also recommends clarifying the “legal framework” of climate resolutions at company general meetings, “to eliminate any doubt about their admissibility while promoting shareholder dialogue”.
Environmental associations welcomed on Wednesday a “severe and unequivocal diagnosis”, while regretting the absence of “binding measures”.
