Priority to gas and in particular to liquefied natural gas (LNG), compared to oil. TotalEnergies announced on Tuesday the strengthening of its short-term objectives for reducing its greenhouse gas emissions linked to petroleum products, reflecting the relative decline of oil in the strategy of the French group.
The group has announced a more ambitious target for reducing emissions generated by the fuels and kerosene burned by its customers (known as scope 3, in carbon accounting), with a 30% reduction targeted “from 2025” (compared to 2030 previously) compared to 2015, and by 40% in 2030, i.e. total emissions going from 350 million to 210 million tonnes of CO2 equivalent.
389 million tonnes of CO2 in 2022
These emissions now represent the majority of the group’s carbon footprint, followed by those related to gas. All indirect emissions linked to the combustion of products sold by TotalEnergies represented 389 million tonnes of CO2 in 2022, a figure published on Tuesday. The group intends to maintain them “at less than 400 million tonnes” in 2030, against 410 million in 2015. This is the equivalent of the carbon footprint of all of France.
The multinational’s carbon impact also includes the energy consumed by its own facilities (scopes 1 and 2), which historically represents around 10% of all of its emissions. For these emissions, TotalEnergies has set itself “a new objective” of emissions of less than 38 million tonnes of CO2 in 2025 (compared to 40 million previously), “thanks in particular to a program of one billion [de dollars] conservation programs launched globally for 2023-2024,” according to a statement.
Low carbon investments
TotalEnergies has confirmed its desire to devote $5 billion to low-carbon investments in 2023, including one billion for the energy efficiency of its facilities and $4 billion for low-carbon energies (solar, wind, carbon sequestration, hydrogen , etc.).
“Yes it is absolutely feasible, and we have achieved it, to continue to generate profits, and to be profitable, while preparing for the future by investing in low carbon energies”, commented the CEO of TotalEnergies, Patrick Pouyanné, from London presenting “the update of his climate ambition”. The CEO recalled that the company’s strategy remained to “provide more energy” to “as many people as possible”, particularly in oil, as long as the world needs it, while “investing in carbon-free systems”.
Skeptical associations
Between now and 2030, TotalEnergies plans to invest “14 to 18 billion dollars per year (…) of which a third in low-carbon energies, approximately 30% dedicated to the development of new oil and gas projects, the rest being devoted to the maintenance of the hydrocarbon portfolio”, detailed the group.
Commitments that still leave associations and NGOs like Greenpeace very skeptical, accusing the group of “greenwashing”. “Despite its communication efforts to promote its climate strategy, the vast majority of TotalEnergies’ investments, planned for the period 2023 and 2030, are mainly directed towards fossil fuels”, commented Greenpeace.
In a report in November, the NGO estimated that the group’s total emissions in 2019 were four times greater than those presented, which TotalEnergies disputed. For its part, the NGO Reclaim Finance called on “investors to sanction the management of TotalEnergies for this incomplete and non-aligned plan” on a trajectory of limiting global warming to 1.5°C, compared to the end of the 19th century. Response on May 26 at the general meeting of shareholders.