10 Feb Oil giant Total to become TotalEnergies in clean power rebrand
Total has announced it will modify its name to TotalEnergies as part of a drive to diversify away from oil and grow its renewable energy business and clean electricity production.
The French oil and gas major reported a net annual loss of US$7.2 billion in 2020 after the COVID-19 pandemic destroyed energy demand and oil prices took a plunge from the onset of the first wave in March.
While oil prices have recovered to pre-pandemic levels in the last week, Total and other ‘big oil’ companies have responded to the COVID-19 crisis by accelerating plans to transition towards clean energy and net-zero carbon emissions.
Total chairman and chief executive Patrick Pouyanne said the company’s rebranding reflected a bid to move as fast as possible as it tries to improve on its environmental goals.
“By proposing this name change to shareholders, we’re also fundamentally asking them to approve this change in strategy,” Pouyanne told reporters.
The company said it aims to spend 20% of its 2021 investment budget on renewable energy, equating to approximately $5 billion. It aims to spend $60 billion on renewables by 2030.