The head of French energy giant Total Energies, its largest shareholder, told shareholders that new oil fields needed to be developed to meet global demand, as environmental activists protested at the company’s annual general meeting.
Police said they had arrested 173 people among hundreds of people who had gathered outside the Paris headquarters of Amundi, one of the world’s largest investment managers and a major shareholder in Total Energies.
Environmental activists also gathered hours before the start of Total Energy’s annual general meeting, where Greenpeace members carried a huge “Wanted” banner calling the company’s CEO, Patrick Pouyannet, “the leader of France’s most polluting company.”
The banner was quickly removed by police.
Hundreds of activists affiliated with Extinction Rebellion gathered outside Amundi for the general meeting.
Police said dozens of protesters broke into an Amundi high-rise building, scrawling graffiti on walls and smashing windows, and Amundi said eight security guards were injured.
Activists claim Total Energies contributes to global warming and the destruction of biodiversity through its gas and oil activities.
Higher oil prices due to a shortage of fossil fuel production “will soon become unbearable for people in developed countries as well as emerging countries,” Pouyanne told shareholders.
He said demand for oil is growing along with the world’s growing population.
But Pouyanne said Total Energies would pursue a “balanced strategy” of developing both fossil fuel and low-carbon energy production.
Total Energies has proven it’s possible to “be a profitable company, or the most profitable company” while pursuing the transition to cleaner energy, he said.
At Friday’s shareholder meeting, around 80% of shareholders approved the company’s climate strategy, and more than 75% also voted to re-appoint Pouyan for another three years as CEO.
Pouyanné, who last month floated the idea of a New York listing, told shareholders it was “absolutely fine” for Total Energies to withdraw from France.
In April, he said there were “reasonable reasons” to move from the Paris CAC 40 index to New York in search of higher valuations and a bigger market.
Asked by Bloomberg if he was “pleased” by such a move, French President Emmanuel Macron replied: “I’m not at all pleased and I’d be very surprised.”
