Thursday 24th of March 2022 08:35:13 AM

TotalEnergies sets plan to cut emissions, trim oil portion of sales mix

Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total HJBC/iStock Editorial via Getty Images TotalEnergies (TTE +1.7%) sets out a roadmap to reduce methane emissions on operated facilities by 50% by 2025 and 80% by 2030 compared to 2020 levels, and end routine flaring by 2030. Total Energies also commits to cut Scope 3 emissions from petroleum products sold by more than 30% by 2030 from 2015 levels, while cutting Scope 1 and Scope 2 emissions by more than 40% by 2030. The company says oil will account for 30% of its sales mix by 2030, while gas will represent 50% of the mix, electricity will account for 15%, with biogas, biofuels, hydrogen and e-fuels comprising the remainder. The company's climate report, which will be put to a vote at the annual general meeting on May 25, is rejected by activist group Follow This, which said the plan still falls short of Paris Agreement goals. Also, Chairman/CEO Patrick Pouyanne said U.S. and U.K. oil majors may be stuck with their Russian assets despite saying they will leave the country due to the invasion of Ukraine. "Nobody wants to buy these plants today," Pouyanne reportedly said on RTL radio. "Do you want me to abandon assets in Russia to enrich Russians whom we have placed under sanctions? I won't give in to it." TotalEnergies said this week that it will stop purchasing oil and petroleum products from Russia by the end of the year, but will not withdraw from assets held in Russia.

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