Financial players behind TotalEnergies

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

At a time when they need to redirect their support to sustainable energy, energy efficiency and the development of a leaner more sustainable energy sector, financial players continue to fuel oil and gas expansion as seen from TotalEnergies.

Top 30 banks supporting TotalEnergies

The largest international banks that are among the biggest supporters of TotalEnergies provided $55.7 billion in financing to TotalEnergies between 2016 and 2022, whether in the form of loans — to its fossil fuel projects or to the company — or support for the issuance of bonds and shares.

mln US$ 455

mln US$ 9,500

Crédit Agricole

BNP Paribas

Société Générale
Barclays
Citi

JPMorgan Chase

Goldman Sachs

Morgan Stanley

Deutsche Bank

Bank of America

SMBC Group

RBC

HSBC

Credit Suisse

MUFG

Mizuho

Santander

UniCredit

Intesa Sanpaolo

BPCE/Natixis

BBVA

ANZ

UBS

Standard Chartered

Natwest

ING

Commerzbank

DZ Bank

Top 30 investors supporting TotalEnergies

These bonds, like shares, are then purchased by investors on the markets. The 30 largest investors in TotalEnergies hold $64.7 billion in investments in the company as of May 15, 2023.

 

mln US$ 422

mln US$ 14,040

Credit Agricole Group (including Amundi* and FCPE**

BlackRock Inc

Vanguard Group
Capital Group Cos

Norges Bank

FMR LLC

Deutsche Bank AG

Goldman Sachs Group

UBS AG

T Rowe Price Group

Invesco Ltd

Dodge & Cox

BNP Paribas SA

Dimensional Fund Advisors LP

Massachusetts Financial Services C

GPIF

FIL Ltd

JPMorgan Chase & Co

State Street Corp

TIIA

Thornburg Investment Management

Janus Henderson Group

DZ Bank

CDPQ

Allianz SE

Federated Hermes

GQG Partners LLC

Charles Schwab Corp

DekaBank Deutsche Girozentrale

Natixis SA

*Amundi, the asset management arm of the Crédit Agricole Group, holds the vast majority of the equity and debt securities.
** US$9.3 billion from Amundi’s management of TotalEnergies’ FCPE (Fonds commun de placement d’entreprise).

Financial data extracted from the Bloomberg terminal on 15 May 2023. Exposures to equities and debt securities, particularly bonds, are included. Green bonds and securities issued by subsidiaries not linked to fossil fuels have been removed from the analysis. For Amundi, part of the Credit Agricole Group, the data takes into account the management of TotalEnergies’ FCPE (Fonds commun de placement d’entreprise)

Main European banks supporting TotalEnergies

US$3.3 billion financing to TotalEnergies between 2016 and 2022.

Barclays has only committed not to provide financial services dedicated to some unconventional oil and gas projects, and can still finance most TotalEnergies’ oil and gas projects.

The British bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$8.9 billion financing to TotalEnergies between 2016 and 2022.

BNP Paribas has committed not to provide financial services dedicated to the development of new oil fields.

Yet, the French bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$9.5 billion financing to TotalEnergies between 2016 and 2022.

Credit Agricole has committed not to provide financial services dedicated to exploration and production oil projects.

Yet, the French bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$0 financing to TotalEnergies between 2016 and 2022.

Danske has committed not to provide financial services dedicated to exploration and production oil and gas projects.

Moreover, the Danish bank has committed since 2023 not to provide financial services to companies developing new oil and gas exploration and production projects, thus excluding TotalEnergies.

US$2.1 billion financing to TotalEnergies between 2016 and 2022

Deutsche Bank has only committed not to provide financial services dedicated to some unconventional oil and gas projects, and can still finance most TotalEnergies’ oil and gas projects.

The German bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$0.9 billion financing to TotalEnergies between 2016 and 2022.

BPCE / Natixis has only committed not to provide financial services dedicated to some unconventional oil and gas projects, and can still finance most TotalEnergies’ oil and gas projects.

The French bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$1.9 billion financing to TotalEnergies between 2016 and 2022.

HSBC has committed not to provide financial services dedicated to the development of new oil and gas fields and to directly related infrastructure.

The British bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level, but demonstrates a willingness to engage its clients by assessing their transition plans, including companies’ oil and gas expansion plans and production trajectories to 2050.

US$0.1 billion financing to TotalEnergies between 2016 and 2022.

ING has committed not to provide financial services dedicated to the development of new oil and gas fields and to directly related infrastructure.

Yet, the Dutch bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$0.9 billion financing to TotalEnergies between 2016 and 2022.

Intesa Sanpaolo has only committed not to provide financial services dedicated to some unconventional oil and gas projects, and can still finance most TotalEnergies’ oil and gas projects.

The Italian bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$0 financing to TotalEnergies between 2016 and 2022.

La Banque Postale has committed not to provide financial services dedicated to exploration, production and infrastructure oil and gas projects.

Moreover, the French bank has committed since 2021 not to provide financial services to companies developing new oil and gas exploration, production and infrastructure projects, thus excluding TotalEnergies.

US$4.7 billion financing to TotalEnergies between 2016 and 2022.

Société Générale has only committed not to provide financial services dedicated to some unconventional oil and gas projects, and can still finance most TotalEnergies’ oil and gas projects.

The French bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

US$0.3 billion financing to TotalEnergies between 2016 and 2022.

UBS has only committed not to provide financial services dedicated to some unconventional oil and gas projects, and can still finance most TotalEnergies’ oil and gas projects.

The Swiss bank has not taken any commitment to restrict new financing to TotalEnergies at the corporate level.

No or few restrictions

Weak restrictions on project and/or company support

Strong restrictions of the support dedicated to the projects and/or to the company

Restrictions on all project and corporate support

Main investors supporting TotalEnergies

$US14 billion invested in TotalEnergies as of May 15, 2023.

Amundi has not taken any commitment to restrict new investments in TotalEnergies.

$US10.8 billion invested in TotalEnergies as of May 15, 2023.

Blackrock has not taken any commitment to restrict new investments in TotalEnergies.

$US1.1 billion invested in TotalEnergies as of May 15, 2023.

BNP Paribas has not taken any commitment to restrict new investments in TotalEnergies.

$US0 billion invested in TotalEnergies as of May 15, 2023.

CNP Assurances has committed since 2022 to stop any new investments in companies developing new oil and gas exploration and production projects, thus excluding TotalEnergies from its investment universe.

$US1.9 billion invested in TotalEnergies as of May 15, 2023.

DWS has not taken any commitment to restrict new investments in TotalEnergies.

$US0.02 billion invested in TotalEnergies as of May 15, 2023.

La Banque Postale AM engages its oil and gas portfolio companies by expecting them to stop investing in the exploration of new oil and gas reserves and developing new oil and gas fields.

However, the sanctions associated with these demands are unclear and unsystematic.

$US0.4 billion invested in TotalEnergies as of May 15, 2023.

Natixis IM has not taken any commitment to restrict new investments in TotalEnergies.

$US4.3 billion invested in TotalEnergies as of May 15, 2023.

The Government Pension Fund Global has not taken any commitment to restrict new investments in TotalEnergies.

$US0.01 billion invested in TotalEnergies as of May 15, 2023.

Ofi Invest Asset Management engages its oil and gas portfolio companies by expecting them to stop investing in the exploration of new oil and gas reserves and developing new oil and gas fields. Failure to make progress by 2025 will lead to the end of all new investments.

Moreover, the French asset manager has committed to stop all new investments in companies that continue to develop new oil exploration and extraction projects from 2027.

$US0.002 billion invested in TotalEnergies as of May 15,2023.

Among several criteria to exclude fossil fuels companies, SEB IM has committed not to invest in companies that develop, process and exploit coal, oil and/or gas resources, thus excluding TotalEnergies from its investment universe.

$US1.3 invested in TotalEnergies as of May 15, 2023.

UBS AM has not taken any commitment to restrict new investments in TotalEnergies.

$US0.6 invested in TotalEnergies as of May 15, 2023.

Union Investment has not taken any commitment to restrict new investments in TotalEnergies.

No or few restrictions

Weak restrictions on project and/or company support

Strong restrictions of the support dedicated to the projects and/or to the company

Restrictions on all project and corporate support

To stop Totalenergies’ climate-wrecking strategy, let’s call on the financial players to act!

Without financial support, TotalEnergies would not be able to deploy its climate-wrecking strategy.

Several of TotalEnergies’ lines of financing will expire in the coming months. The time to act is now! Banks and investors must make their participation in future transactions conditional on a commitment by TotalEnergies to stop developing new oil and gas projects. The company is holding its annual general meeting on May 26. Several crucial resolutions will be submitted to a shareholder vote.They should vote against the company’s management and its phoney climate plan and instead support the climate resolution that calls on TotalEnergies to actually reduce its emissions by 2030.