- Climate activists demonstrated outside TotalEnergies’ Paris headquarters after a US filing revealed the French government had quietly acquired a 1.33% stake in the company worth around US$2.8 billion.
- Campaigners called the purchase a “democratic and climate scandal” and urged the government to stop supporting fossil fuel projects and tax the company’s windfall profits.
- They argued that citizens’ savings were being used to bankroll an oil major, contrary to France’s climate commitments.
Climate activists from groups including Avaaz and Attac have gathered outside TotalEnergies’ headquarters at La Défense to protest the French state’s surprise shareholding stake.
The protest coincided with the company’s annual general meeting. Earlier this year, a filing with the US Securities and Exchange Commission – required because TotalEnergies lists shares in New York – revealed that France’s Caisse des Dépôts et Consignations (CDC) had built a 1.33% stake worth roughly US$2.8 billion, making the government one of the oil major’s largest investors.
The purchase had not been publicly announced in France, sparking accusations of a lack of transparency.
Activists denounced the investment as a betrayal of France’s climate commitments. Laure Fourquet of campaign group Avaaz said it was both a democratic and climate scandal that citizens’ money was being used to back one of the world’s biggest polluters.
Protesters called on the government to stop protecting TotalEnergies, halt new investments in fossil fuel projects and impose a windfall tax on the company’s profits. They argued that state‑backed investments should be channelled into renewable energy and low‑carbon infrastructure instead.
The CDC defended its stake, describing it as part of its mission to support major French companies and national sovereignty. It stressed that its portfolio is aligned with the Paris Agreement and that it engages with TotalEnergies to push for a faster transition.
Indeed, the CDC voted against TotalEnergies’ climate strategy at shareholder meetings, arguing it was insufficient. TotalEnergies declined to comment on the state investment but noted that it invests heavily in renewable power while continuing to expand oil and gas.
The episode highlights tensions in French energy policy. President Macron has vowed to accelerate renewable energy and nuclear power, yet also supports domestic energy champions such as TotalEnergies. By quietly purchasing a stake, the government may have hoped to influence the company’s transition.
However, the secrecy and timing of the investment – amid record profits due to high oil prices – fuelled suspicions of corporate capture. For investors, the protest underscores growing scrutiny of state‑owned stakes in fossil fuel producers and the need for clear transition strategies.
