Total becomes TotalEnergies: what you need to know about its new climate strategy

DECRYPTION

The change of identity was acclaimed.

Total shareholders largely approved on Friday management's climate strategy and the new name of the group supposed to represent these new objectives: TotalEnergies.

Still very much associated with oil, the company wants to show that it is also very present in gas and, more and more, in electricity and renewable energies, which must represent 20% of investments this year.

The group is also highlighting its climate ambitions with objectives for 2030 on the path to carbon neutrality targeted in 2050.

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The objective seems distant, but it must be said that the challenges to be met before reaching it are still colossal.

We will have to start by limiting, or at least compensating for, greenhouse gas emissions from activities that are by definition very polluting, such as oil extraction.

With regard to energy products used by its customers (such as gasoline burned in cars), Total is also committed to reducing global emissions by 2030 compared to 2015.

Investor pressure

Investments in less polluting activities, such as renewable electricity and gas, also represent a large part of Total's program.

Over the next ten years, the group will invest three billion euros each year in renewable energies.

According to the group, no company in France and Europe will do as much.

The case of Total is not isolated: after being criticized for a long time by environmentalists, companies in the sector are now under increasing pressure from investors, who believe that a green shift can be very profitable.

To delay hearing this message, Exxon and Chevron, the two American behemoths, have just been called to order by their shareholders.