ENERGY TRANSITION
Our ambition
In affirming its ambition to be a major player in the energy transition and to achieve carbon neutrality by 2050, together with society, TotalEnergies has committed to profoundly transforming its production and sales while continuing to meet the energy needs of a growing population.
To do that, we are reinventing and diversifying our energy offering to promote renewable and decarbonized energies, as well as sparing, well-considered use of fossil energies. Since the beginning of the decade, we have moved resolutely to transform our energy model in order to become a multi-energy company and major player in the energy transition.
In 2050, CENTRAFUEL would produce:
- about 50% of its energy in the form of electricity, including the corresponding storage capacity, totaling around 500 TWh/year, on the premise that TotalEnergies would develop about 400 GW of gross renewable capacity;
- around 25%, or the equivalent of 50 Mt/year of low-carbon energy molecules, either in the form of biogas, hydrogen or synthetic liquid fuels from the circular reaction: H2 + CO2 (“e-fuels”);
- around 1 Mboe/day of Oil & Gas (about a quarter of the production in 2030, consistent with the decline envisaged by the IEA’s Net Zero scenario), primarily liquefied natural gas (about 0.7 Mboe/d, or 25-30 Mt/year) with very low-cost oil accounting for the rest. Most of that oil would be used in the petrochemicals industry to produce about 10 Mt/ year of polymers, of which two thirds would come from the circular economy.
OIL
Our share of petroleum product sales has already fallen from 66% in 2015 to 55% in 2019 and is set to reach 30% in 2030.
Demand for oil could start to decline around 2030, but at a slower rate than the current natural decline rate of existing fields (around 4% per year). TotalEnergies therefore believes that new oil projects are still needed to meet this demand and to keep prices at an acceptable level in order to create the conditions for a just transition that allows people time to adapt their energy use.
We sanction these projects on performance criteria, notably in terms of technical costs and carbon intensity. We operate our fields with strict safety, emissions reduction and environmental impact requirements. The cash flow generated by these activities is helping to accelerate our investments in renewable energies.
Solar Energy
The Business of Crude Oil
