Why are climate activists calling the French state's acquisition of a 1.33% stake in TotalEnergies both a 'democratic scandal' and a 'climate scandal'?

Activists, including Avaaz senior campaigner Laure Fourquet, label the stake a 'democratic scandal as much as a climate scandal' because the French government accumulated a $2.8 billion, 1.33% stake in TotalEnergies — making it the company's 10th-largest shareholder — without public consultation or disclosure to citizens, despite the funds coming from regulated savings accounts held at the Caisse des Dépôts et Consignations (CDC); they argue this uses citizens' money to support one of the planet's largest polluters and its fossil-fuel projects, contradicting climate goals and democratic accountability.

What is the official rationale given by the Caisse des Dépôts et Consignations (CDC) for holding a stake in TotalEnergies, and how does it reconcile this with climate commitments?

The CDC states its mission is to 'contribute to economic stability, national sovereignty and market regulation', and asserts that its ownership in TotalEnergies is 'consistent with this mission: holding strategic stakes in major French companies to support and facilitate their transformation'; although the CDC aligned its portfolio with the Paris Agreement’s 1.5°C goal in 2021 and divested from a dozen oil and gas firms last year, it spared TotalEnergies and instead favors 'dialogue over divestment', including annually voting in objection to Total’s climate strategy for lacking sufficient ambition since 2023.

Activists Protest French State's Surprise Major Stake in TotalEnergies Outside AGM

May 29, 2026

Climate activists protested TotalEnergies ahead of its AGM over the French government's undisclosed $2.8 billion stake. Activists demand divestment from fossil fuels, while the state-owned CDC claims the holding ensures economic stability and facilitates energy transformation.

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