Global oil major Total has set a net-zero emissions goal by 2050 and confirmed a 25GW renewable generation target by 2025.
The French energy firm plans to achieve net zero across its worldwide operations, as well as zero emissions across all its production and energy products used by its customers and 60% or more reduction in the average carbon intensity of energy products used worldwide by Total customers.
The company said its net zero ambition is supported by its strategy to develop as a broad-energy company, with oil and gas, low-carbon electricity and carbon-neutrality solutions as integrated parts of its business.
“Total firmly believes this low-carbon strategy provides a competitive advantage which creates long term value for its shareholders,” the energy firm said in a statement.
Chairman Patrick Pouyanne 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.”
Total also confirmed a 25GW renewables goal by 2025 and said it will continue to expand its business to become a leading international player in clean power.
The company currently allocates more than 10% of its Capex to low carbon electricity, the highest level among the oil majors.
To actively contribute to the energy transition, Total will further increase its allocation of Capex in favor of low carbon electricity to 20% by 2030 or sooner.