French Oil Giant Total Rebrands As TotalEnergies, shifts Focus To Renewable Energy

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CBN

 

Olusola Bello

 

Oil and Gas giant Total rebranded as TotalEnergies as it shifts some of its focus towards renewable energy sources

 

At the Ordinary and Extraordinary Shareholders’ Meeting, shareholders approved today, almost unanimously, the resolution to change the company’s name from Total to TotalEnergies, thereby anchoring its strategic transformation into a broad energy company in its identity.

In tandem with this name change, TotalEnergies is adopting a new visual identity.

 

“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 Chief Executive Officer of TotalEnergies.

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

                                                                                                                                                      

 

“We want to become a sort of green energy major,” said chief executive Patrick Pouyanné.

Big energy firms are coming under increasing pressure to adjust to a lower-carbon world.

On Wednesday, last week, a small hedge fund investor succeeded in ousting two board members at Exxon in the US, in a bid to alter the firm’s direction on climate change.

And a court in the Netherlands ordered Royal Dutch Shell to cut its emissions more quickly than the Anglo-Dutch oil firm had planned.

Total, the world’s fourth-largest privately-owned oil and gas producer, is aiming to reach carbon neutrality by 2050, in part by investing in more solar and wind power projects.

While several small investors opposed the company’s plans at the annual general meeting, arguing they did not go far enough, the resolution was passed with more than 90% of the vote.

European energy firms have moved more quickly than their US counterparts to begin the transition away from fossil fuels, said Mike Coffin, senior analyst in oil and gas at financial think tank Carbon Tracker.

“Total we see in the upper tier, ranking alongside BP, but below Eni,” he said. “They don’t fulfil all our hallmarks of Paris [climate treaty] compliance, but above Shell and certainly above the North American companies

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