Pouyanne told shareholders that higher oil prices prompted by insufficient fossil fuel output “would quickly become unbearable for the populations in emerging countries, but also in our developed countries”.
Demand for oil was growing in line with the global population, he said.
But Pouyanne said TotalEnergies would pursue its “balanced strategy” of developing both fossil fuel and low-carbon energy production.
TotalEnergies had proved it was possible “to be a profitable, or even the most profitable, company while pursuing a transformation” toward cleaner energy, he said.
At Friday’s meeting, nearly 80% of shareholders approved the company’s climate strategy, with more than 75% also voting to renew Pouyanne as CEO for three years.
Pouyanné, who last month floated the idea of a New York listing for the company, told shareholders there was “no question” of TotalEnergies leaving France.
He said in April that there was “a case” to move from the Paris CAC 40 index to New York in search of higher valuations and larger markets.
The French president, Emmanuel Macron, asked by Bloomberg if he would be “happy” with such a move, responded: “Not at all and I would be very surprised.”
Source: The Guardian
