PARIS (Reuters) – TotalEnergies confirmed on Tuesday its target for CO2 emissions linked to all products used by its customers worldwide in 2030, as part of an updated strategy that the group will submit to an advisory vote of its shareholders at its next general meeting.
The oil and gas company, also very present in renewable energies, specified during a presentation of this strategy that these emissions – called “scope 3” – should be less than 400 million tonnes of CO2 equivalent (Mt CO2e) in 2025, compared to 389 Mt in 2022, the objective remaining set at less than 400 Mt also in 2030.
“Scope 3” represents approximately 91% of the group’s total emissions. For several years, NGOs and certain investors have been asking TotalEnergies to set more stringent targets for reducing this indicator.
According to the scientific consensus, the world must reduce its greenhouse gas emissions by around 43% by 2030 compared to 2019 levels to hope to meet the Paris Agreement goal of keeping global warming well. below 2°C compared to pre-industrial levels.
TotalEnergies has however revised upwards its objective of reducing emissions linked to the sole use of its petroleum products (“scope 3 petroleum”), the group now aiming for a reduction of 40% in 2030 compared to 2015, with -30 % from 2025, against -30% targeted in 2030 previously.
Concerning its operated facilities (scope 1+2), TotalEnergies is targeting less than 38 Mt CO2e in 2025 compared to 2015, compared to less than 40 Mt CO2e previously, thanks in particular to a one billion dollar energy savings program launched globally for 2023-2024.
The group has also raised its objective of reducing the carbon intensity of the energy mix sold to its customers from -20% to -25% by 2030 compared to 2015, with a reduction of 15% from 2025 (compared to -10 % previously).
30% INVESTMENT FOR OIL AND GAS PROJECTS
TotalEnergies plans to increase the share of its investments in low-carbon energies by one billion dollars to bring them to 5 billion in 2023, out of an envelope planned between 16 and 18 billion.
By 2030, it plans to invest between 14 and 18 billion dollars per year, of which a third in low-carbon energies and around 30% dedicated to the development of new oil and gas projects, the rest being devoted to the maintenance of its portfolio. of hydrocarbons.
Like its competitors, TotalEnergies is under increasing pressure from NGOs and certain investors who are asking it to make more specific and binding commitments in the fight against climate change, in particular by 2030.
Although environmental activists led by Greenpeace severely disrupted its general meeting in 2022, the group’s shareholders once again largely approved its objectives in terms of sustainable development and energy transition towards carbon neutrality last year.
The next general meeting of shareholders of TotalEnergies, during which they will vote again on the climate strategy and on a 10% increase in the remuneration of CEO Patrick Pouyanné after record profits in 2022, is convened on 26 may.
On Thursday, Britain’s Shell ruled out setting itself emission reduction targets related to the products used by its customers, arguing that this would go against the interests of its shareholders and would not contribute to mitigating global warming.
(Report Benjamin Mallet; edited by Blandine Hénault)
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