19 april 2023
Today a group of Dutch institutional investors issued a joint statement about two upstream oil projects by TotalEnergies in Uganda and Tanzania.
MN (on behalf of PMT), A.S.R., Achmea Investment Management, Van Lanschot Kempen, NN Group and PGGM express their concerns about the projects’ potential negative impacts. Together with local experts and subject-matter experts, the group will review the two projects known as Tilenga and EACOP under three main topics: climate, biodiversity and human rights.
The review will be conducted in Q2 2023. A follow-up statement is expected in Q3 2023. The follow-up statement will contain conclusions and requests to TotalEnergies with regards to these two projects.
The group will discuss whether it sees a realistic change potential, and decide whether its members will continue to engage with TotalEnergies on Tilenga and EACOP collaboratively or independently, or defer to individual escalation strategies.
As investors, we acknowledge the material steps taken by TotalEnergies in implementing an energy transition strategy and want to ensure the Tilenga and EACOP projects do not affect the company’s decarbonisation journey or long-term economic prospects.
Read the full statement here.