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Total Energies has stated that it is investing $3 billion annually in renewable energy.
- The energy company intends to become a world-class player in the energy transition.
- The company has set its sights on achieving net-zero emissions by 2050.
Total Energies, formerly Total, has stated that it is investing $3 billion annually in renewable energy across all of its business units. Mike Sangster, Managing Director, Total E&P Nigeria Limited, noted that the group had developed a novel business model for growing natural gas and renewables such as solar power, wind power, biofuels.
He noted that the company intends to be a Net-Zero Company by 2050. While the company still produces oil as it acknowledges that oil will be utilised globally for years to come, Sangster noted that the company have begun to pivot to cleaner energy sources like LNG and renewables.
Sangster noted that the company has already begun to provide solar services in Nigeria as it has sold about 500,000 solar lamps across the country. About 75% of its 570 service stations have been fitted with solar power to reduce emissions. While speaking about the Group’s low carbon emission strategies, Sangster noted that the new strategy would ensure that all of TotalEnergies’ new developments is zero flaring.
TotalEnergies has adopted a new brand identity with the ambition to be a world-class player in the energy transition. The company states that it is now committed to producing and providing affordable, reliable, and clean energies.