Total has unveiled a new strategy, which aims to transform the oil company into a broad energy company by growing energy production from electricity and LNG. Total plans to reach 35 GW of renewable capacity by 2025 - 70% of which is already in portfolio), up from a previous target of 25 GW, and to add 10 GW/year beyond. The group intends to increase investments in renewables and electricity from US$2bn/year to US$3bn/year. Total is targeting 50 TWh of net production and 80 TWh of sales to 9 million customers by 2025. In addition, LNG sales will reach 50 Mt/y by 2025 and will double over 2020-30.
Where oil production is concerned, Total plans to increase its energy production by 1/3, from 3 to 4 mboe/d, half from LNG and half from electricity (mainly from renewables). The group will focus on low cost oil projects, privileging value over volume. In the next decade, Total intends to reduce its oil products sales by 30% and the company’s sales mix is expected to become 50% gases, 30% oil products, 15% electricity and 5% biofuels. The group will also commit more than US$1bn over the next decade to battery manufacturing and electric vehicle charging, with a target of 150,000 charge points by 2025.
Overall, the group intends to reach carbon neutrality by 2050 on direct emissions related to scope 1 and 2 and indirect emissions related to scope 3, associated with the value chain activities.