TotalEnergies soon to be listed mainly on the New York Stock Exchange rather than in Paris?

The idea is gaining ground, a new stone in the pond launched by the group’s boss, Patrick Pouyanné.

For now, it’s just a thought. If the decision is made, it would be made in September 2024. It is the board of directors of TotalEnergies which asks the CEO to think about this option : be mainly listed on the New York Stock Exchange, where the group is already present, as well as in London, but on a secondary basis. Whatever the hypotheses, the headquarters of TotalEnergies would remain in Paris.

Patrick Pouyanné says he is tired of being singled out, in Europe in general and in France in particular, for not moving more quickly towards decarbonization, and continuing to invest in oil. His argument: nothing can be done overnight, we must continue to invest – certainly less and less – in fossil fuels to finance the transition to low carbon. Especially since this transition is underway: out of fifteen billion euros of investments planned this year by TotalEnergies, five will be devoted to electricity decarbonized.

A lack of support from European shareholders

But he believes that Europe no longer supports him sufficiently and is not playing the game. Faced with the prevailing political discourse, European shareholders, at best maintain, and at worst sell their stakes, while the Americans are buying. However, to invest in decarbonization, you need means and support from your shareholders. Since 2012, the share of US institutional ownership has increased from 33 to 48%, while that of Europe (excluding the UK) has increased from 45 to 34%. Completely opposite movement.

In wanting to go green, European finance gradually left Total’s capital and the Americans took its place. They are now the first shareholders of the French multinational. Further, this raises the question of European industrial strategy and how we should allow the main energy groups to make their own transition towards decarbonization. Patrick Pouyanné must be auditioned Monday 29 April, in the Senate, by a parliamentary commission of inquiry led by the ecologist Yannick Jadot.