• Total SA is taking efforts to reduce its dependence on oil and turn towards electricity and renewable energy
• The investment budget for electricity and renewables would surpass $2 billion in 2021 said Pouyanne
Talking at Oddo BHF conference on Friday, Chief Executive Patrick Pouyanne of Total SA said it will be as active in adding renewable energy assets in 2021 as it was last year.
Total is taking efforts to reduce its dependence on oil and turn towards electricity and renewable energy. The French company aims to have 35 gigawatts (GW) of gross renewable energy generation capacity by 2025 from around 9 GW now.
The investment budget for electricity and renewables would surpass $2 billion in 2021 said Pouyanne.
Total SA had recently stated that it would be spending $3 billion a year on renewables by 2030, which is about 20% of its annual investment budget and up from $2 billion this year. Over the same period, it said it also plans to reduce its sales of oil products such as gasoline and diesel by 30%, while increasing its sales of natural gas, electricity and biofuels.
Total had said its energy production was set to grow by a third in the coming decade. Of that, roughly half would come from liquefied natural gas and the other half from electricity—mostly from growth in solar and wind power.
At that time, CEO Pouyanne had said that “We are also convinced that this is the right direction.”