Green Forum • 28 March, 2024 at 8:00 AM
TotalEnergies announced its Sustainability & Climate – 2024 Progress Report, in line with the pledge made by the Board of Directors in 2020. This report outlines the company's strategic implementations and the progress achieved in 2023 toward its 2030 objectives. It particularly emphasizes advancements in emissions reduction and TotalEnergies' contribution to fostering a fair, systematic, and inclusive energy transition for all stakeholders.
TotalEnergies reiterates the significance of its well-balanced multi-energy strategy, which integrates profitable growth with sustainable development. This approach revolves around two key pillars: oil & gas, notably LNG, and electricity, particularly renewable energy, which lies at the core of the transition. Despite challenges, TotalEnergies remains the most profitable major in 2023, boasting a 19% return on capital employed, while simultaneously leading in investment toward energy transition initiatives.
In the realm of Oil & Gas, TotalEnergies focuses on responsible production, evidenced by substantial achievements in emissions reduction. Notably, there's been a 34% decrease in Scope 1+2 emissions from operated oil & gas facilities compared to 2015, alongside a reduction in emission intensity to 18 kg CO2e/boe. The company also targets a significant reduction in methane emissions, extending its aim to achieve <0.1% methane intensity by 2030 across all its operated upstream oil & gas facilities.
Recognizing the pivotal role of gas in the transition, TotalEnergies estimates that its LNG sales played a crucial role in avoiding approximately 70 Mt of CO2e emissions globally in 2023.
In the electricity sector, TotalEnergies made substantial investments exceeding $5 billion in 2023, primarily in low-carbon energies. These investments contribute to the development of a profitable Integrated Power business, aimed at reducing the lifecycle carbon intensity of energy products sold to customers by 13% compared to 2015, with a target of -25% by 2030.
These achievements reinforce TotalEnergies' commitment to becoming a major player in the energy transition, striving for carbon neutrality by 2050, in alignment with societal goals.
Additionally, through the launch of Care Together, TotalEnergies bolsters its social responsibility commitments, ensuring high standards for all its employees worldwide, irrespective of local regulations. The program focuses on social protection, health, family, and working conditions.
The Sustainability & Climate – 2024 Progress Report will be presented for a consultative vote at the Annual Shareholders' Meeting on May 24, 2024, by shareholder resolutions passed in May 2023.