TotalEnergies has released its Sustainability and Climate – 2022 Progress Report. The company presented the progress made in its transformation strategy and the current climate target in line with the commitment of the board members at the Annual Shareholders Meeting on May 25, 2021. The report, presentation and webcast of the event can be accessed at totalenergies.com.
TotalEnergies implemented its transformation strategy in 2021
TotalEnergies announced its transformation strategy to become a company operating in different areas of the energy sector in 2020 and announced that it aims to reach the net zero emission target by 2050 in cooperation with the society by becoming an important actor in the transformation in the energy sector. This goal of the company became more concrete with the remarkable progress achieved in 2021.
• TotalEnergies accelerated its development in renewable energy and electricity, with a gross installed capacity of more than 2021 GW for renewable energy generation and more than 10 million electricity consumers by the end of 6. The company's investments in renewable energy and electricity reached 25% of the total investments and exceeded the 20% investment target originally planned a year ago.
• TotalEnergies increased its liquefied natural gas (LNG) sales by 10% to reach 42 million tons during the transformation process in the natural gas field, and 99% of these sales were made to countries with net zero emission commitments.
• TotalEnergies took important steps towards its goal of reducing Scope 2021, 1 and 2 greenhouse gas emissions in 3: TotalEnergies reduced the share of petroleum products in its total sales to 2015% (from 65% in 44), resulting in greenhouse gas emissions from petroleum products used by its customers. reduced its emissions (Scope 3) by 19%.
• TotalEnergies, which significantly reduced emissions from operations at its facilities (Scope 1+2) by 2015% compared to 20, also reduced the carbon footprint of its products sold in Europe by 2015% (compared to 14).
All these results today allow the company to offer its customers energy products that have been reduced by more than 2015% over the carbon intensity lifecycle compared to 10.
Increasing its carbon neutral target in collaboration with the society, TotalEnergies announced its 2050 targets
Aiming to reduce Scope 2030+1 emissions by a net 2% by 2015 compared to 40, TotalEnergies follows a policy in line with countries that have committed to achieving net zero carbon emissions by 55, including the European Union's “Fit for 2050” package. TotalEnergies has been evaluated by the Transition Pathway Initiative (TPI) as “one of three energy companies with ambitious emissions reduction targets to achieve net zero emissions by 2050 and in line with TPI's 1.5°C target.”
Going further and adding a new one to its ambitious targets, TotalEnergies wants to reduce emissions from the sale of petroleum products (Scope 3 Petroleum) by more than 2030% by 2015 compared to 30.
TotalEnergies also announced that it aims to reduce its methane gas emissions by 2020% by 2025 and 50% by 2030 compared to 80, by increasing the target.
This ambitious target aims to develop decarbonized energy sources with 25% to renewable energy sources and electricity, 2% to decarbonized fuels (biofuels, biogas, H5, e-fuels) with a total of 30% to the development of decarbonized energy sources, primarily LNG which will replace coal in electricity generation in the transition period. In the 20-2022 period, 2025% of the investments are allocated to the growth of sustainable energy supply, 50% for the developments in the natural gas field, and it is supported by a clear and disciplined investment policy. The other half of the investments will be devoted to maintaining and adapting the existing capacities of TotalEnergies' worldwide oil and gas extraction and processing facilities. Of these investments, 30% is devoted to maintenance, and 20% to new, low-cost, low-emission fields and to combat natural decline in oil fields and explorations to sustain oil production.
Finally, TotalEnergies announced for the first time its vision of achieving the net zero target by 2050, in collaboration with society: In line with this vision, 50% of its total energy production will come from renewable energy sources, 25% from biomass (biofuels, biogas) or decarbonized fuels (biofuels, biogas). hydrogen, e-fuels), and 25% from hydrocarbon-derived fuels, thus becoming a company that provides 3 MtCO100 equivalent emission reductions with carbon storage, recycling and balancing according to Scope 2.
Advisory decision to be voted at the 2022 General Assembly
In line with the decision on TotalEnergies's energy transition towards sustainable development and becoming a carbon neutral company, approved by shareholders in May 2021, the Board of Directors decided to report on the progress made in this area to date and update its target at the Shareholders Meeting on May 25, 2022. To this end, the Sustainability and Climate – 2022 Progress Report will be submitted to the consultative vote of the shareholders at the meeting to be held on May 25, 2022.