Who is financing TotalEnergies?

Banks and investors provide TotalEnergies, and other energy companies, with financial supports that are essential to maintaining operations and developing new activities.

Despite the urgent need to redirect financial support to sustainable energy, energy efficiency and the development of a more sustainable energy sector, financial players continue to fuel oil and gas expansion as can be seen from TotalEnergies.

Banks supporting TotalEnergies

TotalEnergies’ top 15 banks (2021-2023)
In US$ millions

BNP Paribas: 2,041
Crédit Agricole: 1,338
Société Générale: 1,213
SMBC Group: 946
Citi: 922
Barclays: 846
JPMorgan Chase: 846
RBC: 749
Santander: 749
Deutsche Bank: 644
BPCE Group: 531
Mizuho: 447
BBVA: 447
Standard Chartered: 447
Goldman Sachs: 302

Source : Analysis by Reclaim Finance, based on data from the Banking on Climate Chaos 2024 report.

Banks’ support for TotalEnergies can be through loans – to its fossil fuel projects or to the company – or by helping it issue bonds or shares.

15 banks provided US$12.5 billion to TotalEnergies between 2021 and 2023.

Where are the banks that finance TotalEnergies based?

US$5,123 mln

US$2,070 mln

US$1,477 mln

US$1,293 mln

US$1,196 mln

US$749 mln

US$644 mln

US$197 mln

Are banks taking action against TotalEnergies’ climate-wrecking strategy?

Only a few banks, such as Banque Postale or Danske Bank, have chosen to completely exclude financing to companies – such as TotalEnergies – which are pursuing an oil and gas expansion strategy that goes against the recommendations of scientists and the International Energy Agency.  

Only a few of the banks which have financed TotalEnergies over the past 3 years have adopted measures to reduce their financing to the fossil fuel industry. And even these measures are generally inadequate. While they may exclude direct financing for oil and gas projects, they continue to allow financing for oil and gas companies. Furthermore, they only exclude some parts of the fossil fuel production chain, meaning they can still finance midstream infrastructure such as gas liquefaction terminals. Banks also include exceptions intended to make their policies flexible.  

Commitment to no longer finance oil and gas companies
None of the banks that have financed TotalEnergies since 2021 has ruled out financing companies with a climate-wrecking oil and gas expansion strategy.
Commitment to no longer finance any oil or gas project
None of the banks that have financed TotalEnergies since 2021 has ruled out direct financing for any sort of oil or gas project (including “midstream” projects such as gas liquefaction plants).
Partial restrictions on support to oil and gas projects
  • Barclays
  • BBVA
  • BNP Paribas
  • Crédit Agricole
  • Société Générale
No or few restrictions
  • Deutsche Bank
  • Groupe BPCE/Natixis
  • Goldman Sachs
  • Intesa Sanpaolo
  • JPMorgan Chase
  • Mizuho
  • MUFG
  • Royal Bank of Canada
  • Santander
  • Standard Chartered

Investors supporting TotalEnergies

TotalEnergies’ top 15 investors
In US$ billion

Crédit agricole*: 14.5
Blackrock: 10.7
Vanguard: 6
Capital group: 4.7
Norges Bank*: 4.5
Fidelity international: 2.3
Deutsche Bank*: 2.1
Goldman Sachs*: 1.7
Dodge & Cox: 1.3
T. Rowe Price: 1.3
Invesco: 1.2
Massachusetts Financial Services: 1.1
Government Pension Investment Fund: 1.1
BNP Paribas*: 1.1
State Street*: 1

*Credit Agricole Group includes its subsidiaries: Amundi, CA Indosuez, CPR AM and the shares of the TotalEnergies’ Corporate Investment Fund (FCPE), managed by Amundi. Norges Bank: Norges Bank Investment Management. Deutsche Bank: DWS. Goldman Sachs: Goldman Sachs Asset Management. BNP Paribas: includes BNP Paribas Asset Management & CamGestion. State Street: State Street Global Advisors.

Stocks and bonds, issued with the support of banks, are then purchased by investors on financial markets. As of March 13, 2024, TotalEnergies’ shares and bonds amounted to 204 billion US$ (shares: 157.7 billion US$; bonds: 45.9 billion US$).

The 15 largest investors in TotalEnergies held at least** 54.2 billion US$ in investments in the company as of March 13, 2024.

**Financial markets transparency rules mean it is not possible to know the entire amounts owned by investors.

Top 10 countries where TotalEnergies’ main investors are based***

US$42.4 bln

US$17.3 bln

US$4.7 bln

US$4.4 bln

US$4.2 bln

US$1.9 bln

US$1.3 bln

US$1.1 bln

US$0.9 bln

US$0.7 bln

***Sources: Analysis by Reclaim Finance, based on financial data extracted from the Bloomberg terminal on March 13, 2024. Contact us for more details about these countries or other countries.
**** Download the list of the 20 main investors in United States of America and in France.

Which investors are taking action against TotalEnergies’ climate-wrecking strategy?

A small number of TotalEnergies investors – such as CNP Assurances – have adopted an ambitious strategy against oil and gas expansion. While they have committed to suspend new investments (shares or bonds) in oil and gas expansion, they clearly sanction TotalEnergies’ climate-wrecking strategy through their votes at the company’s annual general meetings (AGMs).

Some investors – such as AG2R La Mondiale, Credit Mutuel AM, Financiere de l’Echiquier and Ofi Asset Management – have opposed TotalEnergies’ strategy at its AGMs but continue to invest in oil and gas companies.

The vast majority of TotalEnergies’ investors have still not committed to stop buying oil and gas companies’ shares and bonds, and do not use their votes to oppose the climate-wrecking strategy of these companies.

After years of fruitless dialogue with oil and gas companies which refuse to put an end to their expansion strategy, some financial institutions have also chosen to divest from oil and gas companies. This is the case for several pension funds – such as the investment branch of the Church of England and Dutch investors ABP and PFZW – which have announced that they will sell their investments in major oil and gas companies, including TotalEnergies.

Ambition of the oil and gas investor strategy 

Ambitious strategy
End new investments in oil and gas developers.
Voted against TotalEnergies' climate-wrecking strategy in 2023.
CNP Assurances (La Banque Postale Group).
Limited strategy
No end to new investments in oil and gas developers.
Voted against TotalEnergies' climate- wrecking strategy in 2023.
  • AG2R La Mondiale
  • Crédit Mutuel Asset Management
  • La Financière de l’Echiquier (La Banque Postale Group)
  • Ofi Asset Management (Aéma Group)
Very weak strategy or no strategy
  • AXA Investment Managers
  • BlackRock
  • BNP Paribas Asset Management
  • Carmignac
  • Amundi (Crédit Agricole Group)
  • Capital Group
  • CPR Asset Management (Crédit Agricole Group)
  • DWS (Deutsche Bank Group)
  • Dodge & Cox
  • Fidelity International
  • Fidelity Investments
  • GQG Partners
  • Goldman Sachs Asset Management
  • Government Pension Investment Fund
  • Invesco
  • JP Morgan Asset Management (JPMorgan Chase & Co Group)
  • Massachusetts Financial Services
  • Natixis Investment Managers (Crédit Agricole Group)
  • Norges Bank Investment Management
  • Rothschild & Cie Gestion
  • State Street Global Advisors
  • T.Rowe Price
  • Union Investment
  • Vanguard

Main financing of TotalEnergies projects

Sources: Analysis by Reclaim Finance, based on data from the Banking on Climate Chaos 2024 report and financial data extracted from the Bloomberg terminal on March 13, 2024.

to learn more

Banking on Climate Chaos (2024): annual report on the 60 largest international banks of the fossil fuel industry. Read more

Oil and Gas Policy Tracker: assessment of financial institutions’ oil and gas policies. Read more

Assessment of TotalEnergies’ Climate Strategy (2024): Analysis of the company’s climate strategy by 2030, based on the evaluation of its investment strategy, its fossil production plan and its diversification plan. Read more

The Bond Market, A cash cow for TotalEnergies’ climate-wrecking projects (2024): briefing the financial institutions that support TotalEnergies through bonds. Read more

Call for a radical shift in engaging oil and gas companies on climate strategy (2024): open letter calling on 50 major investors to radically shift their relationships with oil and gas companies on climate issues. Read more