BY BANKERS REPORTER
Total, one of the world’s biggest oil and gas companies is preparing to change its name to TotalEnergies as an indication of its focus on renewable energy sources.
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.
“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 year, Total plans to devote more than 20% of its investment budget to renewable energy sources as well as electricity.
Total has begun to invest more in solar and wind power, but it is under pressure to do more as climate issues rise closer to the top of investors’ agendas.
But environmental activists say it must do more to fight climate change, and on Tuesday the International Energy Agency said all future fossil fuel projects must be scrapped if the world is to reach net-zero carbon emissions by 2050.