Lagos — French oil and gas firm, Total said it targets attaining gross renewable power generation capacity of 25GW by 2025.
A statement by its Chairman, Patrick Pouyanné said it plans to continue expanding into renewables as the energy of the future.
Total currently allocates more than 10% of its Capex to low-carbon electricity, which it claims is the highest of any oil major and plans to raise this percentage to 20% by 2030 or sooner.
He explained that the firm had also set a target of net-zero emissions by 2050 or sooner for its worldwide operations.
According to the company, it will pursue a reduction of 60 percent or more by that date in the average carbon intensity of energy products used globally by its customers, rising to 100 percent for energy products used by customers in Europe.
This will be achieved in intermediate steps of 15 percent by 2030, and 35 percent by 2040.
Its ultimate goal is to become a broad energy company, with oil and gas, low-carbon electricity and carbon-neutrality solutions as integral parts of its business.
That strategy has been in place since 2015, with the company now claiming to be the leading major in terms of reduction of its scope 3 average carbon intensity, with a 6 percent reduction already achieved since 2015.
“We recognize that the trust of our shareholders, and society more widely, is essential to Total remaining an attractive and reliable long-term investment. And only by remaining a world-class investment can we most effectively play our part in advancing a low carbon future…
“As the EU has set the target to achieve net-zero emissions by 2050 and thereby lead the way for other regions to become carbon neutral over time, Total takes that commitment to become neutral for all its businesses in Europe.”