More Energy, less emissions
To mark the publication of its Sustainability & Climate --
2023 Progress Report, TotalEnergies (Paris:TTE) (LSE:TTE)
(NYSE:TTE) presents the progress of its transformation strategy and
the update of its climate ambition in accordance with the
commitment made by the Board of Directors at the Annual
Shareholders' Meeting of May 25, 2022. The report, presentation and
video webcast of the event in English are available on
In 2022, TotalEnergies was the most profitable major...
Among the five super-majors, TotalEnergies was the most
profitable in 2022, with a ROACE of more than 28%, allowing it to
distribute 37.2% of the $47 billion of the cash flow it generated
to its shareholders while reducing its gearing to 7% at year-end
2022, demonstrating the financial strength of the Company's
...while executing its transformation strategy to a multi-energy
company and investing the most among the majors to build the energy
system of tomorrow...
In oil, TotalEnergies continued to refocus its portfolio on low
cost (operating plus investment cost lower than $20/boe) and low
emission assets and projects, as evidenced by the entry into the
Sépia and Atapu producing fields in Brazil which benefited
immediately from high oil prices, and more recently on the SARB /
Umm Lulu concession in Abu Dhabi. Thanks to this renewed portfolio,
with no stranded assets, TotalEnergies now benefits from a more
resilient and profitable oil portfolio.
In natural gas, energy of the transition, TotalEnergies
strengthened its position as a major player in LNG with its entry
into the NFE and NFS projects in Qatar and increased its sales by
15% in 2022 to reach 48 Mt, thanks to the strong call for LNG in
Europe: thanks to its position as the largest provider of LNG
regasification in Europe, TotalEnergies contributed significantly
to the continent's security of supply by covering more than 20% of
Europe's LNG needs.
In low-carbon energies, TotalEnergies invested $4 billion in
2022 and increased its gross installed electricity generation
capacity to 21 GW by the end of 2022, including 17 GW of
renewables, in line with its objective to reach 35 GW of renewable
capacity in 2025. These investments also enable TotalEnergies to
show more than 30% eligibility and alignment (in proportional view)
in 2022 under the European taxonomy.
... and resolutely pursues the implementation of its climate
In 2022, TotalEnergies pursued its ambition to be a major player
in the energy transition and to get to net zero by 2050, together
with society. The realization of this ambition was marked again in
2022 by significant progress:
-- methane emissions from the Company's operated facilities were reduced by
34% compared to the 2020 base year (compared to 23% in 2021);
-- the lifecycle carbon intensity of energy products sold to its customers
decreased by 12% in 2022 compared to 2015 (compared to 10% in 2021);
-- emissions related to petroleum products used by its customers (Scope 3
Oil) decreased by 27% compared to 2015 (compared to 19% in 2021).
Given its LNG growth strategy and convinced by the central role
of gas in the energy transition, TotalEnergies has estimated, for
the first time, the GHG reduction that its LNG sales could account
for by displacing coal and fuel oil for electricity generation,
depending on customer and destination. As a consequence,
TotalEnergies estimates that its LNG sales have helped to avoid
about 70 Mt CO(2) e emissions at the global level.
In 2023, TotalEnergies strengthens its Climate objectives and
further accelerates investment in its transformation
Buoyed by its progress in 2022, TotalEnergies is strengthening
its emission reduction objectives:
-- On its operated facilities, the Company has set a new absolute emissions
target of less than 38 Mt CO2e (Scope 1+2) in 2025 versus 2015 (compared
to < 40 Mt CO2e previously), thanks notably to a $1 billion global energy
savings program for 2023-24.
-- TotalEnergies reinforces its objective of reducing the carbon intensity
of the energy mix sold to its customers from -20% to -25% by 2030
compared to 2015, and to -15% from 2025 (compared to -10% previously).
-- The Company strengthens its objective of reducing Scope 3 Oil emissions
from -30% to -40% in 2030 compared to 2015, and --30% from 2025.
As the Company's ambition is also based on a clear and
disciplined through-cycle investment policy, TotalEnergies has
decided to increase the share of investments in low-carbon energies
by $1 billion to $5 billion in 2023 from the total planned range of
$16-18 billion. By 2030, TotalEnergies plans to invest $14 billion
to $18 billion per year, depending on the cycle, of which a third
will be in low-carbon energies, about 30% will be dedicated to the
development of new oil and gas projects, and the remainder devoted
to maintenance of the hydrocarbon portfolio.
Consultative resolution to be submitted to the vote at the 2023
In accordance with the resolution approved by shareholders in
May 2022 concerning TotalEnergies' ambition with respect to
sustainable development and energy transition toward carbon
neutrality, the Board of Directors is committed to report on the
progress made in implementing the ambition to the Shareholders'
Meeting. With this in mind, it will submit the Sustainability &
Climate -- 2023 Progress Report to a consultative vote of
shareholders at the meeting of May 26, 2023.
* * *
TotalEnergies is a global multi-energy company producing and
supplying energy: oil and biofuels, natural gas and green gas,
renewables and electricity. Its more than 100,000 employees are
committed to making energy ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Present in
more than 130 countries, TotalEnergies places sustainable
development in all its dimensions at the heart of its projects and
operations to contribute to the well-being of populations.
@TotalEnergies | TotalEnergies | TotalEnergies |
The terms "TotalEnergies", "TotalEnergies Company" and "Company"
used in this document are used to refer to TotalEnergies SE and the
consolidated entities that TotalEnergies SE directly or indirectly
controls. Similarly, the terms "we", "us", "our" may also be used
to refer to these entities or their employees. The entities in
which TotalEnergies SE directly or indirectly holds a stake are
separate and autonomous legal entities. This document may contain
forward-looking statements. They may prove to be inaccurate in the
future and are dependent on risk factors. Neither TotalEnergies SE
nor any of its subsidiaries undertakes any obligation or
responsibility to investors or any other stakeholder to update or
revise, in particular as a result of new information or future
events, any or all of the statements, forward-looking information,
trends or objectives contained herein. Information regarding risk
factors that could have a material adverse effect on TotalEnergies'
financial results or business is also available in the most
up-to-date versions of the Universal Registration Document filed by
TotalEnergies SE with the Autorité des marchés financiers and Form
20-F filed with the United States Securities and Exchange
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SOURCE: TotalEnergies SE
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