Results 1 - 2 of 2
Results 1 - 2 of 2. Search took: 0.016 seconds
|Sort by: date | relevance|
[en] The new Sustainable Taxonomy aims at identifying activities that contribute to the ecological transition, in accordance with European climate and environmental objectives. While the eagerly awaited regulation is almost operational and received the European Parliament's approval, the European Commission is considering the reintegration of natural gas and nuclear energy in the taxonomy. Looking closely at the chronology of events and at the European transparency register, Reclaim Finance sheds a light on the intense gas and nuclear lobbying that led to these dangerous last-minute discussions. Key findings: - It took two years of work to exclude fossil gas and nuclear from the new European sustainable taxonomy. Now, backdoor dealings and special procedures could lead to their integration. - 189 players from the fossil gas and nuclear sector mobilize 825 lobbyists -450 full-time equivalents (FTE)- to put pressure on the European Commission. They are spending between Euros 71.4 million and Euros 86.6 million a year to influence EU decisions. This is a conservative estimate as the EU transparency register is voluntary and non-binding, thus allowing unreported and under-reported lobbying. - The European Commission largely listens to fossil gas and nuclear lobbyists. Between January 2018 and July 7, 2020, EU officials held 310 meetings, 52 between the publication of the final report on the taxonomy in March 2020 and July 7, 2020. Since the taxonomy process started, in 2018, they had 2.36 meetings a week with them. The frequency of these meetings slightly increased after the last report was published in March 2020 from 2.28 to 2.86 times a week. - The fossil gas lobby is especially vast and powerful. It gathers 167 entities that spend between Euros 68.8 million and Euros 82.9 million each year and devotes 759 employees-419 FTEs-to promoting the sector as a 'bridge' energy.
[en] In 2020, Total produced 447 units of fossil fuels for every 1 unit of renewable energy. Nonetheless, despite its desire to rename itself Total Energies, the major continues to invest heavily in the development of new fossil energy projects, such as the highly controversial EACOP oil project such as the highly controversial EACOP oil project in Uganda and Tanzania, or in the Arctic. 90% of its capital expenditure remains oriented towards fossil fuels and the trends in its hydrocarbon production could result in an increase of more than 50% between 2015 and 2030. Thus, the way French financial players are adapting their relationship with Total SE, in a context of climate emergency, is a good indicator of the sincerity of their commitments, and of the challenges related to their success. This briefing takes stock of Total SE's climate promises and of the way financial players have treated such a heavyweight in the energy sector until now. It also sketches out possible courses of action. The first follows a global approach that extends across the entirety of financial actors' portfolios and the companies they support. The second follows a sector-based approach aimed at finding immediate solutions for the most polluting sectors, which also turn out to involve the heaviest ESG and financial risks. For an oil and gas company, these are unconventional hydrocarbons - shale gas and oil, oil sands and drilling in the Arctic and deep waters. While acting on the first axis will only end up having an impact after several years, targeting the most polluting sectors makes it possible to meet the scientific imperative of reducing our greenhouse gas emissions by 7.6% every year until 20301. The actions to be taken on both axes must of course be based on science, which stipulates that oil production must be reduced by 4% and gas production by 3% per year by 2030 in order to meet the 1.5 deg. C objective.
[fr]En 2020, Total a produit 447 unites d'energies fossiles pour 1 d'energies renouvelables. Or malgre sa volonte de se renommer TotalEnergies, la major continue d'investir massivement dans le developpement de nouveaux projets d'energies fossiles, comme le tres controverse projet petrolier d'EACOP entre l'Ouganda et la Tanzanie, ou des projets d'energies fossiles en Arctique. 90% de ses depenses d'investissements demeurent orientees vers les energies fossiles et l'evolution de sa production d'hydrocarbures nous amene vers une augmentation de plus de 50% de cette derniere entre 2015 et 2030. Ainsi, la maniere dont les acteurs financiers francais adaptent leur relation a Total SE dans un contexte d'urgence climatique est un bon indicateur de la sincerite de leurs engagements precites, et des defis lies a leur succes. Ce briefing analyse les promesses climatiques du groupe, ainsi que la maniere dont les acteurs financiers ont jusqu'a present traite un tel poids lourd du secteur energetique. Il presente enfin les pistes d'actions possibles. Le premier suit une approche globale qui couvre l'integralite des portefeuilles des acteurs financiers et des entreprises qu'ils soutiennent. Le deuxieme suit une approche sectorielle visant a trouver des solutions immediates pour les secteurs les plus polluants, lesquels s'averent concentrer aussi les plus lourds risques ESG et financiers. Pour une entreprise gaziere et petroliere, il s'agit des hydrocarbures non conventionnels - gaz et petrole de schiste, sables bitumineux et forages en Arctique et en eaux tres profondes. Alors qu'agir sur le premier axe ne pourra produire des impacts qu'au bout de quelques annees, viser les secteurs les plus polluants permet de repondre a l'imperatif scientifique de baisser tous les ans nos emissions de gaz a effet de serre de 7,6% jusqu'en 20301. Les actions a mener sur les deux axes doivent bien entendu etre fondees sur la science, laquelle stipule qu'il faut baisser de 4% la production petroliere et de 3% la production gaziere par an d'ici 2030 afin de tenir l'objectif de 1,5 deg. C.