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

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
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 RepsolGalp, 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 or

Read Next

October 25, 2021
Global renewables industries are expectant as COP26 looms, however supply chain volatility has continued to dent deployment prospects going into a crucial decade. We discuss this and much more in this month's Solar Media Podcast.
October 25, 2021
Oil and gas company Galp has secured loans from the European Investment Bank (EIB) to support the construction of more than 2.1GWp of solar projects across Spain and Portugal.
October 21, 2021
Tesla solar installations jumped by 46% year-on-year but fell slightly sequentially to 83MW in Q3 as the clean tech giant targeting greater profitability from its energy division.
October 19, 2021
Europe's energy crisis can be a boon for renewables deployment on the continent by bolstering business cases, but familiar foes such as grid constraints will still need to be hurdled in the coming years.
October 6, 2021
Spanish oil and gas major Repsol has increased its 2030 renewables target to 20GW, the bulk of which is expected to be solar PV, as part of efforts to reach net zero emissions by 2050.
September 29, 2021
Island Green Power is to develop two solar PV projects totaling over 1GW on former coal power station sites in the UK.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021