TotalEnergies: High profile renewables to outpace upstream growth

Issue 453 - 31 Jan 2022

A strategy paper issued by TotalEnergies in Q3 2021 put meat on the French major’s planned reinvention, in which renewables output will rise threefold by 2030. It will spend up to $15bn in the next three years alone, but this is not all wind and solar; gas is to absorb a large slice of that spend. Energy production will rise by 30% by 2030, with growth coming half from electricity – essentially RE – and half from LNG. Hydrocarbons cash flow will be used to fund the transition.

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