GHG Emissions, Sourcing Renewables - May 7, 2020
Total targets net-zero emissions
French oil and gas giant Total announced May 5 their new ambition to get to net-zero emissions across all their European businesses by 2050 in timeline with the EU zero emissions target.
This move comes as the Paris-based company pursues a strategy to transition into a broad-energy company encompassing oil and gas, low-carbon electricity and carbon-neutrality solutions. Their plan to achieve this massive net-zero goal includes three main steps:
- Becoming net-zero in Scope 1 and 2 emissions across worldwide operations before 2050
- Becoming net-zero in Scope 1, 2 and 3 emissions from all production and energy products used by Europe customers before 2050
- Reduce the average carbon intensity of energy products used worldwide by customers by 15% before 2030, 35% before 2040 and 60% by 2050
“Energy markets are changing, driven by climate change, technology and societal expectations,” Patrick Pouyanné, chairman of the board, said in a statement. “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.”
Total has already reduced Scope 3 average carbon intensity by 6% since 2015 and is targeting a renewable generation gross capacity of 25 GW before 2025.
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