Total bets on zero
Photo: Total in France
France’s Total has become the latest major oil and gas company to announce plans to turn itself into an energy holding.
Total announced in a presentation of on its website that it intended to shift its emphasis to liquefied natural gas and renewable energy sources.
Under the plan, the company intends to boost energy production by a third over the next decade. Half of that increase will involve production of LNG – with the remaining half from power produced from renewable sources.
Total will increase annual investment in renewable resources and electricity from $2 billion to $3 billion. The company will channel more than one-fifth of its capital investment to that sector.
By 2050, Total said it planned to eliminate all emissions.
Total had earlier announced that it intended to become one of the world’s five largest companies producing “green” energy. For now, more than half of Total’s total production stems from oil, 40 % from gas and 5 % from renewable sources. By 2050, the company intends to reduce to 20 % the share derived from oil, gas is to remain at the current level and renewable sources will account for 40 %.