Total is to propose a name change to TotalEnergies to its shareholders to reflect its increased investment in renewables and electricity.
During its fourth quarter and full year results for 2020 Total said 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”.
The group’s profile will be transformed over the 2020-30 decade with Total’s growth of energy production based on two pillars, renewables and electricity and liquified natural gas, while oil products are expecting to fall from 55% to 30% of sales.
To anchor this transformation, Total will propose to its shareholders at the annual general meeting on 28 May 2021, changing its name to TotalEnergies.
In 2020, Total secured its investments in renewables and electricity, of $2bn and accelerated the implementation of its strategy to grow renewables, adding 10GW to its portfolio.
With the acquisition at the start of 2021 of a 20% stake in India-based Adani Green Energy Limited (AGEL) and of portfolios of projects in the US, the group now has a portfolio of gross installed capacity, under construction and in development of 35GW by 2025 with more than 20GW already benefiting from long-term power purchase agreements.
Other highlights include developing the largest site in France for the production of green hydrogen based on 100% renewable electricity with Engie and the issue of €3bn of hybrid bonds dedicated to financing the strategy to grow renewables.