The new climate action plan has been developed by Enel and global investor initiative Climate 100+, which owns more than 25% in shares in Total.
The energy firm has plans to implement three strategies to achieve the 2050 targets and these include:
- Net Zero across Total’s worldwide operations by 2050 or sooner (scope 1+2).
- Net Zero across all its production and energy products used by its customers in Europe by 2050 or sooner (scope 1+2+3).
- 60% or more reduction in the average carbon intensity of energy products used worldwide by Total customers by 2050 (less than 27.5 gCO2/MJ) – with intermediate steps of 15% by 2030 and 35% by 2040 (scope 1 + 2 + 3).
Total has plans to expand its renewable energy generation capacity to 25GW by 2025 by allocating more than 10% of its Capex to low carbon electricity, the highest level among the majors.
The firm will increase its total CAPEX spending in low carbon energy to 20% by 2030.
The strategy is already in action since 2015 and has helped Total to reduce its average carbon intensity by 6%.
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Patrick Pouyanné, the Chairman of the Board of Total, said: “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.
We recognise that the trust of our shareholders, and society more widely, is essential to Total remaining an attractive and reliable long-term investment. And only by remaining a world-class investment can we most effectively play our part in advancing a low carbon future. This is the reason why our people are already in action across Total, seeking opportunities to reduce our emissions, improve our products and develop new low-carbon businesses”.