Sat. Jul 13th, 2024

Total rebrands to TotalEnergies to signal energy transition

The French oil giant is rebranding to TotalEnergies to signal its diversification towards cleaner energy sources

In hopes to reinvent itself and signalling its strategic transformation into a broad energy company, French oil giant Total changes its name to TotalEnergies while also adopting a new visual identity.

According to  Patrick Pouyanné, chairman and chief executive officer of TotalEnergies, the company strives to be a world-class player in the energy transition. This new name and new visual identity embody the course TotalEnergies has resolutely charted for itself: that of a broad energy company committed to producing and providing energies that are ever more affordable, reliable and clean.

“Energy is life. We all need it and it’s a source of progress. So today, to contribute to the sustainable development of the planet facing the climate challenge, we are moving forward, together, towards new energies. Energy is reinventing itself, and this energy journey is ours. Our ambition is to be a world-class player in the energy transition. That is why Total is transforming and becoming TotalEnergies,”

declared Patrick Pouyanné, Chairman and CEO of TotalEnergies.

The group, founded in 1924 as the Compagnie francaise des petroles, began to invest more in solar and wind power as the whole industry shifts to a global energy transition movement. This year, Total plans to devote more than 20 percent of its investment budget to renewable energy sources as well as electricity.

In a series of unprecedented, historical events, the world is witnessing a global shift in the oil and gas industry as companies are forced to cut emissions to reach net-zero. From Greenpeace winning a court case against Dutch oil company Shell, to Total presenting a climate resolution during the general assembly, a move it resisted last year, major shifts in the field are taking place.

However, environmental activists and the International Energy Agency are urging companies to do more if the world is to reach net-zero carbon emissions by 2050.

Pouyanné described the proposal to shareholders as “historic”, setting out plans to change the group’s profile by 2030. Oil products are expected to fall from 55% to 30% of sales in that timeframe, while the growth of energy production will be based on the two “pillars” of LNG and Renewables and Electricity.

“2020 represents a pivotal year for the group’s strategy with the announcement of its ambition to get to Net Zero, together with society. The group affirms its plan to transform itself into a broad energy company to meet the dual challenge of the energy transition: more energy, less emissions, Thus the group’s profile will be transformed over the 2020-2030 decade,” said Pouyanne.

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