popular articles

TotalEnergies “reinforces” its 2025 emissions reduction targets

The TotalEnergies group has announced measures to reduce its greenhouse gas emissions, but associations and NGOs remain skeptical about the company's real commitment to the energy transition.

Please share:

TotalEnergies announced on Tuesday, March 21, 2023, a strengthening of its short-term objectives to reduce its greenhouse gas emissions from petroleum products. This reflects the relative decline of oil in its strategy while gas, particularly liquefied natural gas (LNG), emits less CO2 when burned. The French group intends to provide “more energy” with fewer emissions.

TotalEnergies has announced a new, more ambitious target for reducing the emissions generated by the fuels and kerosene burned by its customers (known as Scope 3 in carbon accounting). It aims to reduce emissions by 30% by 2025 (compared to 2030 previously) compared to 2015 and by 40% in 2030, i.e. a total reduction in emissions from 350 million to 210 million tons of CO2 equivalent. Indirect emissions related to the combustion of products sold by TotalEnergies currently account for the majority of its carbon footprint, followed by gas-related emissions. All indirect emissions related to the combustion of products sold by TotalEnergies represented 389 million tons of CO2 in 2022, a figure published Tuesday. The group intends to keep them “below 400 million tons” in 2030, compared to 410 million in 2015. This is the equivalent of the carbon footprint of the whole of France.

TotalEnergies wants to invest $5 billion in low-carbon energy by 2023, including $1 billion in energy efficiency at its facilities and $4 billion in low-carbon energy (solar, wind, carbon sequestration, hydrogen, etc.). Patrick Pouyanné, CEO of TotalEnergies, confirmed the group’s ability to be profitable while investing in low-carbon energy. The group plans to invest “$14 to $18 billion per year (…) of which one third will be invested in low-carbon energy, about 30% will be dedicated to the development of new oil and gas projects, and the remainder will be dedicated to the maintenance of the hydrocarbon portfolio. These commitments have aroused the suspicion of associations and NGOs, which accuse the group of “greenwashing”.

However, associations and NGOs, such as Greenpeace, remain sceptical about the reality of these commitments. In fact, according to them, the group is “greenwashing” by promoting its climate strategy while continuing to invest massively in fossil fuels.

Despite the group’s communication efforts, Greenpeace pointed out that the vast majority of the investments planned for the period 2023-2030 were mainly directed towards fossil fuels. Last November, the NGO had already estimated that TotalEnergies’ total greenhouse gas emissions in 2019 were four times higher than those presented by the group. TotalEnergies disputed this claim at the time.

The NGO Reclaim Finance has called on investors to sanction TotalEnergies’ management for this plan, which is considered “incomplete and not aligned” with a trajectory to limit global warming to 1.5°C compared to the end of the 19th century. Associations and NGOs are therefore looking forward to the General Meeting of Shareholders to be held on May 26, when TotalEnergies will have to respond to these criticisms and give guarantees as to the reality of its commitments to the energy transition.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Trinasolar ISBU will supply solar electricity to Equinix for 20 years through an agreement centred on the 30 MW Yufutsu Abira project in Hokkaidō Prefecture.
TerraForm Power reached a $34.5mn court settlement with its former chairman Carlos Domenech, nine years after his dismissal, ending a case tied to SunEdison's financial management.
TerraForm Power reached a $34.5mn court settlement with its former chairman Carlos Domenech, nine years after his dismissal, ending a case tied to SunEdison's financial management.
Chinese group Sinopec reported annual revenue of CNY 3,070 bn and net profit of CNY 48.94 bn, achieving record performance across its oil, gas and chemical segments.
Chinese group Sinopec reported annual revenue of CNY 3,070 bn and net profit of CNY 48.94 bn, achieving record performance across its oil, gas and chemical segments.
Maurel & Prom confirmed that US authorities cancelled its operating licence in Venezuela, while allowing it to finalise operations until 27 May.
Maurel & Prom confirmed that US authorities cancelled its operating licence in Venezuela, while allowing it to finalise operations until 27 May.
Estonian state-owned energy group Eesti Energia plans to acquire all shares in its subsidiary Enefit Green in a voluntary takeover bid worth over €200mn, set to begin on April 8.
Orano's French hydrometallurgy project has been designated as strategic by the European Commission under the Critical Raw Materials Act, aimed at securing the supply of critical raw materials.
Orano's French hydrometallurgy project has been designated as strategic by the European Commission under the Critical Raw Materials Act, aimed at securing the supply of critical raw materials.
TotalEnergies reported a 2.9% drop in emissions for 2024, reaffirming its climate strategy ahead of a key general meeting.
TotalEnergies reported a 2.9% drop in emissions for 2024, reaffirming its climate strategy ahead of a key general meeting.
Shell Global Solutions International B.V. has awarded McDermott a three-year framework agreement for engineering, procurement and project management services across several strategic markets.
Shell Global Solutions International B.V. has awarded McDermott a three-year framework agreement for engineering, procurement and project management services across several strategic markets.
Australian company Earth AI confirms six new mineral prospects, including cobalt and tungsten, discovered through its predictive exploration software based on artificial intelligence.
Nexans is expanding its industrial capacity near Noyelles-Godault to recycle more copper, as global demand outpaces primary mining production.
Nexans is expanding its industrial capacity near Noyelles-Godault to recycle more copper, as global demand outpaces primary mining production.
Naturgy secures shareholder approval to buy back 10% of its shares to increase free float and boost market visibility.
Naturgy secures shareholder approval to buy back 10% of its shares to increase free float and boost market visibility.
Investment firm Ardian has completed the acquisition of renewable energy producer Akuo, active in photovoltaics, wind and storage, with stated ambitions for international expansion and increased capacity.
Investment firm Ardian has completed the acquisition of renewable energy producer Akuo, active in photovoltaics, wind and storage, with stated ambitions for international expansion and increased capacity.
Shell aims to increase its cost reductions to USD 7 billion by 2028, leveraging artificial intelligence and targeted restructurings in its chemical divisions.
Global energy consumption growth doubled in 2024 compared to its ten-year average, fuelled by rising electricity use in advanced and emerging economies, according to a report by the International Energy Agency.
Global energy consumption growth doubled in 2024 compared to its ten-year average, fuelled by rising electricity use in advanced and emerging economies, according to a report by the International Energy Agency.
Crowley, in partnership with Naturgy, has launched LNG transport to Puerto Rico, bypassing restrictions imposed by the Jones Act to meet the island's energy demand.
Crowley, in partnership with Naturgy, has launched LNG transport to Puerto Rico, bypassing restrictions imposed by the Jones Act to meet the island's energy demand.
Abastible, a Chilean company specializing in liquefied gas and electricity, has signed a power purchase agreement with Zelestra. This hybrid project combines 220 MWdc of solar energy and 1 GWh of battery storage to support night-time energy supply.
Abastible, a Chilean company specializing in liquefied gas and electricity, has signed a power purchase agreement with Zelestra. This hybrid project combines 220 MWdc of solar energy and 1 GWh of battery storage to support night-time energy supply.
Brookfield has completed the acquisition of 97.73% of Neoen, a French renewable energy producer, and has initiated the process to withdraw the company from the Paris Stock Exchange.
Octopus Energy Generation announces four new investments in renewable energy in France, bringing the total capacity of its assets in the country to over 500 MW, with a target of one billion euros invested by 2025.
Octopus Energy Generation announces four new investments in renewable energy in France, bringing the total capacity of its assets in the country to over 500 MW, with a target of one billion euros invested by 2025.
Nexans has announced that it has entered into exclusive negotiations with the investment fund Latour Capital for the sale of Lynxeo, its industrial cable division, for an amount of 525 million euros. This transaction is part of the group’s strategy to focus on electrification.
Nexans has announced that it has entered into exclusive negotiations with the investment fund Latour Capital for the sale of Lynxeo, its industrial cable division, for an amount of 525 million euros. This transaction is part of the group’s strategy to focus on electrification.
Lyon-based company Carester has begun construction of a rare earth recycling and refining plant in Lacq, Pyrénées-Atlantiques, after securing €216 million in funding from the French government and Japanese partners. The site, named Caremag, is set to begin operations by the end of 2026.
Lyon-based company Carester has begun construction of a rare earth recycling and refining plant in Lacq, Pyrénées-Atlantiques, after securing €216 million in funding from the French government and Japanese partners. The site, named Caremag, is set to begin operations by the end of 2026.
Ecopetrol S.A. has initiated a market maker program in collaboration with Andes Investment Group Inc. and Valores Bancolombia S.A. Comisionista de Bolsa, aiming to improve trading conditions and the liquidity of its shares on the Colombian Stock Exchange.
TotalEnergies faces multiple lawsuits initiated by international NGOs over environmental and social issues related to its global projects. While several cases remain ongoing, the majority have been dismissed or dropped by the courts, questioning their legitimacy.
TotalEnergies faces multiple lawsuits initiated by international NGOs over environmental and social issues related to its global projects. While several cases remain ongoing, the majority have been dismissed or dropped by the courts, questioning their legitimacy.
Enel doubled its net profit to €7 billion in 2024, despite the decline in electricity and gas prices. The company also reduced its net debt through asset disposals and implemented a strategy focused on profitability.
Enel doubled its net profit to €7 billion in 2024, despite the decline in electricity and gas prices. The company also reduced its net debt through asset disposals and implemented a strategy focused on profitability.
US data centre capacity surpassed 92 GW by the end of 2024, with a significant rise in investments and larger projects, driven by the increasing demand for artificial intelligence (AI).
US data centre capacity surpassed 92 GW by the end of 2024, with a significant rise in investments and larger projects, driven by the increasing demand for artificial intelligence (AI).

Advertising