PARIS — French energy major Total (TOTF.PA) said on Tuesday it planned to cut its carbon emissions, with the aim of reaching net zero emissions from its operations and its energy products sold to customers in Europe by 2050 or sooner.
The company is the latest oil and gas major to announce more ambitious targets to reduce its carbon footprint as firms come under pressure from society and investors to do more to cut carbon emissions blamed for global warming.
“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,” Chairman and Chief Executive Officer Patrick Pouyanne said in a statement.
Total said it planned to achieve the targets by aiming for net zero emissions across its global operations by 2050. It will also aim for a net zero emission on all its production and energy products used by its customers in Europe, the so-called scope 3 emissions, by 2050 or before.
Europe-headquartered rivals such as BP (BP.L) or Royal Dutch Shell (RDSa.L) have similar targets covering emissions from products such as diesel or gasoline, but apply them to their global business. For a Factbox comparing Big Oil’s climate targets, click on
Credit Suisse said in a note that Total’s targets were competitive compared with its peers, but were not leading.
Reporting by Bate Felix and Shadia Nasralla; Editing by Alex Richardson and David Evans