TotalEnergies: French oil major's green rebrand

Oil and gas group Total won more than 90% backing for its plan to reduce emissions on Friday (May 28).

And it was a double success for the energy giant, as shareholders also voted overwhelmingly in favour of its rebrand to TotalEnergies.

The new name marks its shift to renewable energy.

Some shareholders had campaigned to reject Total's green goals as not ambitious enough.

Echoing growing investor rebellions in the sector.

Demands for oil companies to speed up the shift from fossil fuel reached a crescendo this week.

A Dutch court ordered Shell to greatly increase greenhouse emission cuts.

And Exxon Mobil battled with an activist investor over its record on climate change.

Total's climate strategy, which lays out its aim to reach carbon neutrality by 2050, was backed by over 91% of shareholders voting at its annual meeting.

The rebranding was backed by over 99%, and takes effect immediately.

Total is investing in a pivot towards renewable energy with solar or wind power projects.

Non-governmental organizations and some investors though have spoken out against what they see as a too conservative approach.