Total has joined the ranks of other energy giants by committing to net-zero emissions for its worldwide operations by 2050. The French energy company also announced it is targeting carbon neutrality across all its production and energy products in Europe by the same year or sooner. Overall, Total aims to cut the average carbon intensity of energy products used around the world by at least 60 percent by 2050, with intermediate steps of 15 percent by 2030 and 35 percent by 2040. To learn more, read “Oil Giant Total Targets Carbon Neutrality in 2050.”
- Total will increase its capital expenditure for low-carbon electricity to 20 percent from 10 percent by 2030 or sooner.
- Total is targeting 25 gigawatts (GW) of renewable power capacity by 2025, an increase from 3 GW at the end of 2019.
- In response to financial pressures caused by the worldwide pandemic, Total decided to cut operational spending by more than $1 billion for oil and gas projects, but maintain its goal of spending as much as $2 billion in low-carbon power in 2020.
Path to 100% Perspective
Total has spent billions in batteries, wind and solar energy in recent years, but a drastic drop in demand for oil and gas during the global pandemic has motivated this French Company to use this challenging time to increase their commitment to renewable energy. This ambitious move toward net-zero carbon emissions not only improves its adaptability, but will increase the number of energy partners producing renewable global solutions.