TotalEnergies reports on 2021 progress and expands carbon neutrality ambitions

TotalEnergies is presenting the progress made in its transformation strategy and an update on its climate ambition in conjunction with the publication of its Sustainability & Climate-2022 Progress Report, in accordance with the commitment made by the Board of Directors at its Annual Shareholders' Meeting.

TotalEnergies unveiled its transformation strategy to become a multi-energy company in 2020, as well as its ambition to become a major player in the energy transition, committing to achieving net zero emissions by 2050 in collaboration with society. This goal was realised in 2021 thanks to significant progress:

TotalEnergies has accelerated its renewables and electricity development, with more than 10 GW of gross installed capacity for renewable electricity generation and more than 6 million electricity customers by the end of 2021. Renewables and electricity investments accounted for 25% of total investments, exceeding the initial target of 20% set one year ago. Regarding gas, the transition energy, TotalEnergies' liquefied natural gas (LNG) sales increased by 10% to 42 million tonnes, with 99% going to countries with net zero pledges.

TotalEnergies took significant action in 2021 to reduce its Scope 1, 2 and 3 greenhouse gas emissions: TotalEnergies reduced the share of petroleum products in its sales mix to 44% (from 65% in 2015), reducing greenhouse gas emissions related to petroleum products used by its customers (Scope 3) by 19%.

TotalEnergies also achieved a significant 20% reduction in emissions from its operated facilities (Scope 1+2) in comparison to 2015, as well as a 14% reduction in the carbon footprint of products sold in Europe (vs 2015).

Today, all of these results enable the Company to provide energy to its customers with a lower carbon intensity lifecycle that is more than 10% lower than in 2015.

TotalEnergies is expanding its ambition to 2050, in line with society's goal of carbon neutrality.

TotalEnergies' target of a 40% reduction in net Scope 1+2 emissions by 2030 compared to 2015 is consistent with commitments made by countries with a net zero pledge by 2050, including the European Union with its "Fit for 55" package. TotalEnergies was evaluated by the Transition Pathway Initiative (TPI) as "one of three O&G firms that have set emissions reduction targets ambitious enough to reach net zero by 2050 and align with TPI's 1.5°C benchmark."

TotalEnergies wants to go even further and has set an ambitious new goal: by 2030, TotalEnergies will have reduced emissions related to sales of petroleum products (Scope 3 Oil) by more than 30% compared to 2015.

TotalEnergies is also raising its ambition by committing to reducing methane emissions by 50% by 2025 and 80% by 2030 in order to achieve zero methane emissions.

This ambition is supported by a clear, disciplined investment policy: 50% of investments will be dedicated to increasing energy supply between 2022 and 2025: 30% for decarbonized energy development, including 25% for renewables and electricity, 5% for new decarbonized molecules (biofuels, biogas, H2, e-fuels), and 20% for further development in gas, primarily LNG, energy of the transition to replace coal in electricity production. The other half of the investment will be dedicated to maintaining and adapting the existing capacities of TotalEnergies' global upstream and downstream oil and gas facilities: 30% to maintenance and 20% to new low-cost, low-emission fields and exploration to combat natural decline and maintain oil production.

Finally, TotalEnergies describes for the first time, in collaboration with society, its vision of a net zero TotalEnergies in 2050, a Company that produces 50% renewable electricity, 25% new decarbonized molecules from biomass (biofuels, biogas) or renewable electricity (hydrogen, e-fuels), and 25% hydrocarbons (oil and gas), with residual Scope 3 emissions from its customers of approximately 100 MtCO2e fully captured, recycled, or offset.

A consultative resolution will be put to a vote at the Shareholders' Meeting in 2022.

The Board of Directors has decided to report on the progress made to date and update the ambition at the Shareholders' Meeting on May 25, 2022, in accordance with the resolution approved by shareholders in May 2021 concerning TotalEnergies' ambition with respect to sustainable development and energy transition towards carbon neutrality. To that end, on May 25, 2022, it will present the Sustainability & Climate - 2022 Progress Report to shareholders for an advisory vote.

Source: TotalEnergies news