TotalEnergies denies Greenpeace claim it underreported CO2 emissions

Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total

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Greenpeace accused TotalEnergies (NYSE:TTE) Thursday of hugely underreporting its carbon emissions, prompting a swift rebuke from the company and a decision to initiate legal proceedings “to repair the damage caused by the spreading of this misleading information.”

The environmental group said TotalEnergies’ (TTE) core activities had generated 1.64B tons of carbon dioxide equivalent in 2019, nearly 4x higher than the company reported.

The company said Greenpeace’s result for its 2019 Scope 1 emissions is “fanciful and false.”

Greenpeace said the company provided few details on its reporting methods and excluded many categories defined by the Greenhouse Gas Protocol, a set of greenhouse gas accounting standards.

TotalEnergies (TTE) has pledged to become “net zero” by 2050, but has faced criticism from climate activists for continued investments in oil and gas projects.

TotalEnergies’ (TTE) new capital allocation strategy that includes special dividends is “superior to BP and Shell” who focus solely upon share buybacks, Daniel Thurecht writes in an analysis published on Seeking Alpha.