Total eclipse of the 2050 net zero deadline

TotalEnergies has nearly tripled the average maturity of its debt since 2015, and we analyse the performance and the holders of this debt.

There is some evidence of reduced demand for these long bonds, and a slight underperformance of the bonds issued in April. However, in general, transition risk remains unpriced in the curve.

Most notably, a number of signatories of the Net Zero Asset Managers Initiative are owners of these long-dated bonds.

About the author

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.