Police arrest 173 people in France protesting TotalEnergies oilfields
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TotalEnergies CEO Patrick Pouyanne announces to shareholders that higher oil prices as a result of insufficient fossil fuel output means new oilfields are needed to meet global demand.
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Climate activists gather outside the French asset manager Amundi headquarters to denounce the group's holding in oil major TotalEnergies, Friday, May 24, 2024, in Paris. (AP)
Police have detained 173 people protesting TotalEnergies for telling shareholders that new oilfields are needed to meet global demand.
Climate activists gathered outside the Paris HQ of Amundi, one of the world’s biggest investment managers and a major TotalEnergies shareholder. Meanwhile, Greenpeace members brought a huge “Wanted” banner calling TotalEngerdies' chief executive, Patrick Pouyanné, “the leader of France’s most polluting company”.
Extinction Rebellion protesters were also outside Amundi during the meeting, as a few dozen forced their way into Amundi’s tower, painting graffiti on the walls and smashing windows, according to police. Amundi claimed eight of its security staff were injured.
The activists argue that TotalEnergies is easing global warming and destroying biodiversity through its gas and oil projects.
Read more: UN expert: Right to protest in Europe in jeopardy
During the meeting, Pouyanne announced to shareholders that higher oil prices as a result of insufficient fossil fuel output “would quickly become unbearable for the populations in emerging countries, but also in our developed countries” and demand for oil was increasing.
Pouyanne claimed however that TotalEnergies would maintain its “balanced strategy” of developing fossil fuel and low-carbon energy production, adding that TotalEnergies demonstrated it was possible “to be a profitable, or even the most profitable, company while pursuing a transformation” for cleaner energy.
Another one for the books
Almost 80% of shareholders at the meeting agreed to the climate strategy, and over 75% voted to renew Pouyanne's term as CEO for three years.
This is not the first time protesters and police clash because of TotalEnergies, as last year in May they clashed in the area where another meeting was to take place.
Total employees at the oil refineries collaborated with the country's trade unions and continued a string of strikes in opposition to the controversial pension reform proposed by the government last year.
Furthermore, 30% of the staff of a fuel storage facility around Paris and a solid 100% of the staff of another fuel storage facility in northern France supported the national demonstration. According to TotalEnergies, there wouldn't be a gasoline shortage because gas stations had enough supplies to stay operating.
The company made a net profit of $5.7 billion in the 2nd quarter of 2022 and paid out billions to shareholders as its employees pushed for higher wages. But TotalEnergies is not the only energy provider being challenged by environmentalists, as activists are protesting against the UK's Shell as well.
