This week French oil and gas giant Total is getting set to sell a
cunning plan to investors: to use 'sustainable' financing to
fund its efforts to drill the Arctic.
It’s greenwashing on an epic scale. But we have a chance to
disrupt Total’s plans.
Total is unveiling its full corporate strategy to investors like
AXA and BNP Paribas starting today. Investors will then decide
whether to buy into Total's 'sustainability bonds' over the coming
It’s just enough time to raise the alarm. You can spook
investors by showing them that tens of thousands of people across
the world oppose this attempt to use ‘green’ finance to fund fossil
BNP Paribas, AXA and BlackRock don’t buy Total’s toxic
Investors increasingly are demanding action on climate. But by
2030, 80% of Total's investments will still be be directed
to fossil fuels.
Which is why Total came up with this cunning plan: call
the investments ‘sustainable’ - but use them to fund oil and gas
It's greenwash. But it also sets a dangerous precedent: if Total
can use sustainable finance to build massive oil pipelines through
East Africa and drill the Arctic wilderness, then so too can any
Total says that its ‘sustainability linked bonds’ will support
its climate plans. But one look at those plans shows how hollow this
claim is. What’s more, Total is not obligated to spend any
of the money it raises through its sustainability bonds for green
projects: it can pump it straight into new oil and gas
now: investors use green finance to create climate solutions not
fund climate destruction.
Across the world SumOfUs members have taken on some of the
largest fossil fuel companies and won! People power has
helped push insurers like AIG and Liberty Mutual to abandon the
Adani Carmichael mine and force Canadian banks to finally
set climate goals. The finance world is moving on climate - but only
when we push it.
Which is why if we move fast we can expose Total’s greenwashing
for what it is.