Available, affordable and complementary to renewables, natural gas is one of the key elements in the energy transition. Total is currently the second world player in LNG and will continue to expand its business by developing biogas and low-carbon hydrogen, and by encouraging the use of LNG and electricity in mobility.
For Total, electricity is the energy of the 21st century. The Group aims to accelerate investments in electricity, primarily from renewables. Developing an integrated business model from production to sales through storage and trading, Total is targeting 9 million customers by 2025.
Building on the strong impetus gained in 2020, Total will grow as a world leader in renewables, raising its objective to 35 GW gross capacity in 2025 (70% already in portfolio). The Group is a pioneer in floating offshore wind, with two major projects already under way: Erebus in the United Kingdom and Bada in South Korea
Total will focus on low‑cost oil projects and biofuels. The latter will represent 10 to 15% of its fuel sales by 2030. The Group privileges value over volume and is growing its portfolio of oil projects, which all have a profitability of more than 15% in a $50 per barrel context. The cash-flow generated by the Group’s baseline activities will notably serve to finance investments in renewables.
As recently demonstrated with the Lindsey refinery divestment in the United Kingdom and the conversion of Grandpuits in France into a zero oil platform, Total will adapt refining capacity and sales of oil products to demand, particularly in Europe.
Alongside that, the Group will increase its biofuels production and sales. Renewable diesel production is expected to reach more than 2 Mt per year by 2025.
The Group is also committing more than 1 billion dollars over the next 10 years to the e‑mobility revolution, by investing in battery manufacturing and EV charging, with a target of 150,000 charge points by 2025.
Natural carbon sinks are effective means of capturing CO2. In June 2019, the Group created a new Business Unit, Total Nature Based Solutions (NBS), dedicated to this activity. The Business Unit finances, develops and manages CCUS and decarbonization operations. The NBS Business Unit has benefited from a budget of $100 million per year since 2020.
Total is also pursuing its commitment to the development of the CO2 capture, use and storage (CCUS) business, a crucial element in its strategy. The Group allocates 10% of its Research & Development budget to CCUS.
The Group is thereby accelerating its shift toward a carbon neutral society by 2050.
© Cecconi Michel – Total