OIL & GAS
Through a joint statement developed between Total S.A. and institutional investors – as participants in the global investor initiative Climate 100+1 – Total takes 3 major steps towards achieving this ambition:
Three major steps to get Total to Net Zero:
1 According to Total evaluation, participants to Climate Action 100+ own more than 25% of Total’s shares.
2 Europe means the EU + Norway + UK
This ambition is supported by the strategy to develop Total as a broad-energy company, with oil and gas, low-carbon electricity and carbon-neutrality solutions as integrated parts of its business. Total firmly believes this low-carbon strategy provides a competitive advantage which creates long term value for its shareholders.
This strategy is already in action since 2015 as Total is the leading major in terms of reduction of its scope 3 average carbon intensity with a 6% reduction already achieved since 2015. And today it sets the highest ambition amongst the majors for its scope 3 average carbon intensity with less than 27.5 GCO2/MJ by 2050.
Energy markets are changing, driven by climate change, technology and societal expectations. Total is committed to helping solve the dual challenge of providing more energy with fewer emissions. We are determined to advance the energy transition while also growing shareholder value. Today, we are announcing our new Climate Ambition to get to Net Zero by 2050 - together with society. The Board believes that Total’s global roadmap, strategy and actions set out a path that is consistent with goals of the Paris agreement. We acknowledge the positive role of engagement and open dialog with investors as the one we experienced with Climate 100+ along the last months.Patrick Pouyanné, Chairman of the Board, Total
Total confirms its target of a renewable generation gross capacity of 25 GW in 2025 and will continue to expand its business to become a leading international player in renewable energies. Total currently allocates more than 10% of its Capex to low carbon electricity, the highest level among the Majors. To actively contribute to the energy transition, Total will further increase its allocation of Capex in favor of low carbon electricity to 20% by 2030 or sooner.