Petrochemicals giant Total plans to achieve net-zero emissions across its operations worldwide by 2050.
This ambition is supported by the strategy to develop Total as a broad-based energy company, with oil and gas, low-carbon electricity and carbon-neutrality solutions as integrated parts of the business.
The company firmly believes this low-carbon strategy provides it with a competitive advantage that creates long-term value for shareholders.
This strategy started in 2015, with Total having reduced its Scope 3 average carbon intensity by 6% to date.
Currently, the company has set the highest ambition among the major companies for its Scope 3 average carbon intensity, at less than 27.5 g of carbon dioxide per megajoule of energy.
Chairperson Patrick Pouyanné says 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.
“We have announced our new climate ambition to get to net zero by 2050 - together with society. The board believes Total’s global roadmap, strategy and actions set out a path that is consistent with the goals of the Paris agreement.”
Total also reiterates its target of operating a renewable generation capacity of 25 GW by 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 capital expenditure to low-carbon electricity, which is the highest level among the major energy companies.
To actively contribute to the energy transition, Total will further increase its allocation of capital expenditure in favour of low carbon electricity to 20% by 2030 or sooner.