Total commits to become Net Zero Emission Company by 2050
Moscow. Supporting the EU’s carbon neutrality target, Total commits to become a Net Zero Emission Company for all its European Businesses by 2050, a source in the company told Trend.
Through a joint statement developed between Total S.A. and institutional investors – as participants in the global investor initiative Climate 100+1 – Total takes three major steps towards achieving this ambition:
Three major steps to get Total to Net Zero are:
Net Zero across Total’s worldwide operations by 2050 or sooner (scope 1+2);
Net Zero across all its production and energy products used by its customers in Europe by 2050 or sooner (scope 1+2+3); and
60 percent or more reduction in the average carbon intensity of energy products used worldwide by Total customers by 2050.
"As the EU has set the target to achieve net zero emissions by 2050 and thereby lead the way for other regions to become carbon neutral over time, Total takes that commitment to become neutral for all its businesses in Europe," the message said.
Total confirms its target of a renewable generation gross capacity of 25 GW in 2025. Total currently allocates more than 10 percent of its Capex to low carbon electricity, the highest level among the Majors. To actively contribute to the energy transition, Total will further increase its allocation of Capex in favor of low carbon electricity to 20 percent by 2030 or sooner.
Total and the State Oil Company of the Azerbaijan Republic SOCAR participate in the Absheron field’s joint development project. The field is located in the Azerbaijani sector of the Caspian Sea, southeast of Baku. Its development is carried out by JOCAP, a joint venture of SOCAR and Total. The drilling operations are conducted by SOCAR CDC.
Absheron field is one of the biggest gas condensate fields in Azerbaijan, as well as the biggest discovery by Total over the past 10 years. Its development will make an important contribution to ensuring growing domestic demand for natural gas in Azerbaijan and increasing the export revenues.