Total leads Europe's oil majors in clean energy push
Published : Tuesday, 26 January, 2021 at 5:35 PM Count : 131
Total has had the fastest start in the race between oil supermajors to achieve net-zero carbon emissions.
Europe’s three largest oil and gas companies - Total, BP and Royal Dutch Shell - all announced plans last year to eliminate most of the greenhouse gas emissions from their operations and the fuels they will sell in the next decade. It has identified the region as a turning point for the petroleum industry and has further increased its deviation from the majors in the United States, which has yet to make such a commitment.
The French company was the latest company to announce the shift, it has covered the most space since then. According to data compiled by Bloomberg, Total has acquired the most renewable power for its own portfolio - about 8.8 gigawatts to operate, build or develop - through acquisitions such as its $2.5 billion deal with Indian renewable company Adani Green Energy Limited, according to Bloomberg.
"There has been comparatively little progress among oil majors in the preparation of fuel transfers," said Will Harris, a Bloomberg intelligence analyst. "It aims to install the most renewable-power power or any major oil development and the most ambitious power-growth target."