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TotalEnergies at the heart of the French nuclear debate

Bruno Le Maire supports TotalEnergies' involvement in nuclear power, stressing the benefits for the energy transition, despite criticism from Greenpeace.
Le Maire TotalEnergies relance nucléaire

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On April 4, 2024, French Minister of the Economy Bruno Le Maire spoke at the French Senate, strongly supporting TotalEnergies ‘ commitment to French nuclear power. “There are only advantages to TotalEnergies participating, in one form or another, in the investment” in the nuclear revival, he said. The Minister emphasized TotalEnergies’ dual investment in renewable energies and nuclear power as a means of accelerating the decarbonization of energy.

TotalEnergies’ commitment to nuclear power

At the Davos Forum on January 19, Patrick Pouyanné, CEO of TotalEnergies, proposed significant financial support for the revival of nuclear power in France. He expressed his willingness to sign long-term contracts with EDF to finance up to 14 EPR2s, underlining the Group’s commitment to financing new reactors.

TotalEnergies’ strategic position

The commission, initiated by the French Senate’s ecologist group and chaired by Roger Karoutchi, with Yannick Jadot as rapporteur, is examining the means available to the State to ensure TotalEnergies’ compliance with its climate obligations. Le Maire defended TotalEnergies’ investment in renewables and its role in France’s energy independence, particularly in gas and diesel during the energy crisis, positioning TotalEnergies as a strategic asset.

Reviews and support

Bruno Le Maire also discussed TotalEnergies’ shareholder structure, with 40% of the capital held by American shareholders, and the Group’s decarbonization efforts, citing the SRI label and the end of export guarantees for fossil-fired projects. However, Greenpeace sharply criticized the approach, saying: “Never ceasing to claim that TotalEnergies was an asset for decarbonizing France, the Minister of the Economy took up the oil and gas major’s talking points one by one to justify its climate-changing business model and give the illusion of a transition”.

Bruno Le Maire’s speech to the French Senate, and the reactions it provoked, highlight the debates surrounding TotalEnergies’ role in France’s energy transition. Between government support and environmental criticism, TotalEnergies’ involvement in French nuclear power remains a key topic of discussion.

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