Having already been sanctioned for greenwashing consumers in 2025, TotalEnergies is now accused of disseminating information likely to mislead investors about its climate roadmap. The three NGOs are sounding the alarm over the risks these allegations pose to both the climate and the economy.

On October 23, 2025, the Paris Judicial Court ruled that TotalEnergies' communications had misled consumers by suggesting the group was actively contributing to the fight against climate change, while it actually plans to increase fossil fuel production.

'Beyond its deceptive advertising, suspicions also exist regarding certain climate-related communications from TotalEnergies to investors,' the three associations stated in a press release published this Thursday.

Financial and institutional disclosures by listed companies are governed by strict obligations intended to ensure accurate, precise, and sincere information for investors, particularly concerning climate risks and transition strategies. The quality of this information is monitored by the AMF.

Increasingly ambiguous statements on climate ambitions

TotalEnergies suggests repeatedly in its institutional documentation aimed at investors that it is committed to meeting the goals of the Paris Agreement. In addition to these general statements, the company highlights certain indicators that could give the impression that its 2030 targets are aligned with European objectives and the IEA's 'Net Zero by 2050' scenario, or that fossil gas leads to substantial emission reductions.

Furthermore, after years of promoting its climate strategy to investors, TotalEnergies has recently introduced more ambiguity into its stated climate goals. The company has indeed admitted that its 2050 carbon neutrality objective could be 'out of reach' and that its trajectory will need to be reassessed. Nevertheless, the company continues to present itself as a key player in the energy transition in its latest 'Sustainability & Climate 2026 Progress Report', also titled 'More Energy, Less Emissions'.

'TotalEnergies repeatedly disseminates information to financial markets that may give the impression that its climate strategy contributes to achieving the Paris Agreement goal of limiting global warming to 1.5°C. Yet, TotalEnergies continues its expansion in fossil fuels, which poses an existential risk to the climate, our economy, and financial stability,' the three associations explained.

A major risk for the economic and financial system

Current economic models underestimate the financial repercussions of climate change. However, even when underestimated, a 3°C rise in average global temperatures is expected to cause more economic losses than any previous economic shock and a continuous, unprecedented depreciation of investor asset values.

In their report, the associations recall that 'major fossil fuel producers, including TotalEnergies, have been aware of these impacts for decades.'

TotalEnergies' communications to the market risk misleading investors regarding the significant impacts its fossil fuel expansion strategy poses to their assets. This expansion, and the climate communications that mask its real effects, threaten global financial stability and, even more fundamentally, the fight against climate change and its consequences.

A similar letter has been sent to the European Securities and Markets Authority (ESMA).