Total joins O&G majors with net-zero ambitions, reconfirms renewables target

Image credit: Laurent Vincenti.
Total has become the latest oil and gas (O&G) major to set its sights on becoming net zero by 2050, reconfirming its plans for a major green energy push despite the recent financial hit from the oil market crisis.
Earlier this week, the French group said it would stick to its previously announced target to reach a 25GW renewables portfolio by 2025, as part a new plan to reach net zero emissions by mid-century.
According to Total, over 10% of current capex volumes is going towards funding low-carbon electricity ventures. The figure – the highest among O&G majors, or so Total claimed – will increase to 20% by "2030 or sooner," the firm said.
The doubling down on green energy spending came despite the financial downturn Total witnessed the quarter just gone, amid a global oil market rout driven by anti-pandemic lockdown measures.
The firm remained income-positive but from cash flow from operations to adjusted net income, key Q1 2020 financial metrics were down 35-64% compared to Q1 2019.
Total's new net-zero push follows similar climate and green energy pledges by fellow O&G majors in recent months, including Repsol, Galp, BP, Eni and Equinor. The sector has been urged by the IEA not to abandon renewable ambitions even as COVID-19 cripples oil revenues.
See here to read the full story on PV Tech's sister title Current±
PV Tech has set up a dedicated tracker to map out how the COVID-19 pandemic is disrupting solar supply chains worldwide. You can read the latest updates here.
If you have a COVID-19 statement to share or a story on how the pandemic is disrupting a solar business anywhere in the world, do get in touch at jrojo@solarmedia.co.uk or lstoker@solarmedia.co.uk.
Also read...
-
Encavis raises €450 million after year of European solar expansion
-
PROJECT ROUND-UP: Lightsource BP completes 260MW of Texan solar, Plans for 203MW of Polish solar revealed
-
European Energy raises earnings forecast after 'solid' year of growth
-
Total acquires 20% stake in Indian solar developer Adani Green Energy
-
Total and Hanwha Group division join forces for 1.6GW US solar and storage pipeline
Comments