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Total leads oil majors in net zero ambition – but still sees a future for gas

France’s Total has amassed the largest renewable energy portfolio of any oil major since the firms began announcing their respective greenhouse gas (GHG) reduction targets.

According to data compiled by Bloomberg, Total has a total of 8.8 GW of renewables in its operational portfolio and development pipeline.

In January, the company agreed to purchase a 20% share in the world’s largest solar developer – India’s Adani Green Energy – which has 14.6 GW of projects either planned or in operation. Total paid $2.5bn for its stake. The same month, it also announced that it had partnered with solar firm 174 Power Global to develop 12 utility-scale solar and energy storage projects of 1.6 GW cumulative capacity in the US.

BP, Total and Shell all announced plans to drastically reduce or eliminate their GHG emissions last year. However, BP is the only other member of the trio to have announced a multibillion-dollar renewable acquisition since. It paid Equinor $1.1bn for a stake in two US offshore windfarms last September. 

Total’s CEO Patrick Pouyanné told French newspaper Le Parisien that his company wants to become one of the world’s top five renewable energy producers. By 2050, its operational activities will be divided into 40% renewables, 40% gas and 20% oil, he said. Its current mix is 55% oil, 40% gas and less than 5% renewable generation.

Total aims to reach 35 GWp of gross production capacity from renewable sources by 2025 – adding 10 GWp per year afterwards.

News Item details


Journal title: Energy World

Organisation: Total

Subjects: Net zero - Oil and gas -

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