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In view of the forthcoming COP27, the multi-energy Company TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) aims at improving the understanding of the global energy system and thus contributing to the Energy Transition debate with its annual publication, the TotalEnergies Energy Outlook 2022 (document available at this link).

TotalEnergies Energy Outlook 2022

Published for the fourth consecutive year, the TotalEnergies Energy Outlook 2022 reexamines the two core scenarios -- Momentum and Rupture -- elaborated by TotalEnergies to achieve the energy transition by 2050, taking into consideration current energy markets and societal trends. It also integrates new Net Zero pledges made since the presentation of last year's Energy Outlook in September 2021, thus strengthening global climate ambition.

   -- TotalEnergies' Momentum scenario is a forward-looking approach based on 
      existing decarbonization strategies of Net Zero 2050 countries, as well 
      as NDCs (Nationally Determined Contributions) of other countries. In 
      addition to major economies like the US, European countries, Japan and 
      South Korea, Momentum incorporates this year new Net Zero 2050 pledges 
      from Australia, Singapore, Taiwan and the UAE. The increasing number of 
      countries with carbon neutrality commitments by 2050 following the COP26 
      in Glasgow is excellent news for the climate but still results in a 
      2.1-2.3deg temperature increase by 2100 in our models (using IPCC curves 
      AR6 P66). 
   -- TotalEnergies' Rupture isa scenario built to reach the objectives of the 
      Paris Agreement by 2050, with temperatures' rise well-below 2degC (P66) 
      vs. pre-industrial levels. It involves dissemination at large-scale of 
      decarbonization drivers to all emerging economies, the construction a new 
      low carbon energy system at a global scale while gradually transitioning 
      from the existing one. It will not happen without richer countries 
      supporting emerging ones by promoting a just energy transition (via 
      investments, technology transfers, training...) with a funding at least 
      at the level forecasted in the Paris agreement (100 B$/year from 2020). 
   -- By extending a combination of levers already applied in the Rupture 
      scenario onwards to all countries around the world, the TotalEnergies 
      Energy Outlook 2022 gives a Rupture+ scenario, which allows to limit the 
      temperature rise to 1,5degC (P50). Oil demand in 2050 is comparable to 
      IEA NZE but the trajectory to reach this target is different as new oil 
      projects are still needed until the mid-2030s to meet demand and avoid 
      prices spikes.

"Current energy markets disruptions have reinforced the necessity of dialogue on a global basis about the energy transition, involving worldwide participation of all actors of the society" declared Patrick Pouyanné, Chairman and CEO of TotalEnergies. "With this document, in line with our climate ambition to get to Net Zero by 2050 and our ongoing transformation into a multi-energy company putting the sustainable development goals at the core of our strategy, TotalEnergies intends to share its knowledge of the global energy system, in order to contribute to the decisions that will foster the energy transition and help to tackle climate change."

Helle Kristoffersen, President Strategy & Sustainability and member of the Executive Committee, will present this document today as an introduction to the Investors Days. This webcast will be streamed live and available for replay at the following link.

Below are some of the key messages from the TotalEnergies Energy Outlook 2022:

   -- The short-term trajectory of global energy demand is not going in the 
      right direction (pick up in coal use) due to the economic recovery post 
      Covid in 2021 and the current market disruptions. More efforts will be 
      needed to decarbonize while ensuring energy security and affordability. 
   -- Current high energy prices have put energy efficiency at the top of the 
      energy policy agenda in many OECD countries. The current crisis should be 
      an opportunity to increase and anchor energy saving and efficiency 
      measures as they are the fundamental basis of any scenario to reach the 
      Paris agreement objectives. 
   -- In the OECD, the electrification of end-user demand thanks to clean power 
      is a structural evolution that helps reduce emissions and increase energy 
      efficiency. The biggest impacts are to be found in road transport (Light 
      Vehicles, 2-3 wheelers, Heavy Duty Vehicles) and industry. Strong public 
      policies such as the ban on sales of new internal combustion vehicles in 
      Europe and California are important to drive evolutions in demand. Heavy 
      investment in electrical grids at state and interstate levels are 
      fundamental requirements for the success of this electrification. 
   -- In non-OECD countries, in particular in Africa, the switch away from 
      traditional biomass to modern energy is core to increasing energy 
      efficiency while providing affordable energy access, better living 
      standards and economic development to growing populations. 
   -- Renewables, already the main driver of the decarbonization of the power 
      mix, are experiencing a higher and faster penetration as energy security 
      becomes a key concern for many countries. 
   -- With the increased penetration of renewables globally, natural gas keeps 
      a key role in the energy transition to ensure firm power, in addition to 
      pushing out coal in all sectors of final demand. Gas will become greener 
      over time and its growth is accompanied by carbon capture and methane 
      emissions control solutions. 
   -- H2 and Sustainable Liquid Fuels based on e-fuels are promising 
      decarbonization drivers, but they will not scale up before 2030; in the 
      meantime, renewable diesel and biogas are expected to pick up. Once at 
      scale, hydrogen and hydrogen-based fuels will increase demand for clean 
      power and carbon abated gas by more than 10% by 2050. 
   -- The transition will require a step up in spending to build a new low 
      carbon energy system and maintain the existing one for a while. The 
      current decade is decisive. Investment in low carbon power must double to 
      2030 to reach 1.5 T$/year. Meanwhile, investment in new oil and gas 
      developments is required until at least the mid-2030s to satisfy customer 
      demand, even in a well below 2degC scenario. 
   -- Massive investment in clean tech R&D is needed to develop the 
      technologies that will power this new energy system. TotalEnergies is 
      committed to this transition and devotes already more than 60% of its R&D 
      Budget to clean tech.

***

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

Twitter: @TotalEnergies LinkedIn: TotalEnergies Facebook: TotalEnergies Instagram: TotalEnergies

Cautionary Note

The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

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