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
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?

France
(40%)
US$5,123 mln

USA
(16%)
US$2,070 mln

Japan
(12%)
US$1,477 mln

UK
(10%)
US$1,293 mln

Spain
(9%)
US$1,196 mln

Canada
(6%)
US$749 mln

Germany
(5%)
US$644 mln

Italy
(2%)
US$197 mln
Are banks taking action against TotalEnergies’ climate-wrecking strategy?
Only a few banks, such as Banque Postale or Danske Bank, have chosen to completely exclude financing to companies – such as TotalEnergies – which are pursuing an oil and gas expansion strategy that goes against the recommendations of scientists and the International Energy Agency.
Only a few of the banks which have financed TotalEnergies over the past 3 years have adopted measures to reduce their financing to the fossil fuel industry. And even these measures are generally inadequate. While they may exclude direct financing for oil and gas projects, they continue to allow financing for oil and gas companies. Furthermore, they only exclude some parts of the fossil fuel production chain, meaning they can still finance midstream infrastructure such as gas liquefaction terminals. Banks also include exceptions intended to make their policies flexible.
Commitment to no longer finance oil and gas companies |
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None of the banks that have financed TotalEnergies since 2021 has ruled out financing companies with a climate-wrecking oil and gas expansion strategy. |
Commitment to no longer finance any oil or gas project |
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None of the banks that have financed TotalEnergies since 2021 has ruled out direct financing for any sort of oil or gas project (including “midstream” projects such as gas liquefaction plants). |
Partial restrictions on support to oil and gas projects |
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No or few restrictions |
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Investors supporting TotalEnergies
TotalEnergies’ top 15 investors
In US$ billion
*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***

USA****
US$42.4 bln

France****
US$17.3 bln

Norway
US$4.7 bln

Germany
US$4.4 bln

UK
US$4.2 bln

Switzerland
US$1.9 bln

Japan
US$1.3 bln

Canada
US$1.1 bln

Luxembourg
US$0.9 bln

Spain
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 |
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End new investments in oil and gas developers. Voted against TotalEnergies' climate-wrecking strategy in 2023. |
CNP Assurances (La Banque Postale Group). |
Limited strategy |
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No end to new investments in oil and gas developers.Voted against TotalEnergies' climate- wrecking strategy in 2023. |
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Very weak strategy or no strategy | |
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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