Shareholders of French energy giant Total have approved, almost unanimously, the resolution to change the companys name to TotalEnergies, reflecting its strategic transformation into a broad energy company
In tandem with this name change, TotalEnergies is adopting a new visual identity.
“Energy is life. We all need it and it’s a source of progress. So today, to contribute to the sustainable development of the planet facing the climate challenge, we are moving forward, together, towards new energies. Energy is reinventing itself, and this energy journey is ours. Our ambition is to be a world-class player in the energy transition. That is why Total is transforming and becoming TotalEnergies,” declared Patrick Pouyanné, chairman and chief executive officer of TotalEnergies.
TotalEnergies’ objectives include reducing its direct emissions to net zero by 2050, in line with other IOCs such as BP, Shell and Equinor, and reducing the share of oil product sales from 50% in 2019 to 35% by 2030, with the share of gas rising from 40 to 50% over this period and electrons from 5 to 15%. The company aims to be among the world’s top five in renewable energies by 2030, with US$60bn in renewable projects to be financed over 10 years.
The move comes as oil and gas companies are under increasing pressure to reduce emissions and accelerate the energy transition to green energies, and are stepping up investments in low carbon energies such as renewables, biofuels and hydrogen. It follows the landmark ruling of a court in the Netherlands that Shell must cut its CO2 emissions by 45% compared to 2019 levels by 2030, and the release of the IEA’s Roadmap to Net Zero by 2050 report. This argues that to reach this target there must be no investment in new fossil fuel supply projects, no further final investment decisions for new unabated coal plants and an end to sales of new internal combustion engine cars by 2035, along with annual additions of solar PV to reach 630 gigawatts by 2030, and those of wind power to reach 390 gigawatts, together four times the record level set in 2020.
