Total shareholders approved plans last week to change its name and logo to TotalEnergies. It is now heavily focusing on investments in renewable energy and hydrogen.
May 31, 2021
From pv magazine France
Patrick Pouyanné, CEO of Total, said last week that the decade ahead is “one of transition.” The group has decided to place renewable energy and sustainable development at the heart of its core strategy.
“This is why Total is transforming itself and becomes TotalEnergies,” said Pouyanné.
The name change, now approved by a majority of the shareholders, is designed to illustrate all of the energy sources it focuses on: oil, gas, hydrogen, biomass, wind, and solar power.
Petroleum products represented 55% of energy sales to its customers in 2019, but TotalEnergies aims to reduce this to 35% by 2030. It also plans to invest €60 billion over the next 10 years in renewables. “We want to be among the top five renewable energy players by 2030,” said Pouyanné.
“Our growth will be geographically diversified and will be based on the already strong presence of TotalEnergies in Europe, where we have a portfolio of 5 million customers in France, 1 million in Belgium, 2 million in Spain, but also in … South America, the Middle East, Africa, Asia, India,” said Pouyanné. “We are in the process of identifying the best opportunities in the 50 countries where we operate.”
The company is basing part of its strategy on liquefied natural gas, with plans for projects in Russia and Mozambique.
“We also have the ambition to become a leader in the massive production of clean hydrogen, because it is only through the effect of size that we will be able to develop this key technology for the decarbonization of the transport sector,” said Pouyanné.
TotalEnergies is also working on batteries and electro-mobility. It plans to install 150,000 electric charging points, with partnerships in Paris, Amsterdam, Brussels, and London. It recently bought a stake in HysetCo, which operates a fleet of hydrogen taxis in Paris.
To offset the emissions from its oil and gas activities, the company also relies on CO2 capture technologies and natural wells. It claims to have planted 40,000 hectares of forest in the Congo.
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