France's Total unveils 35-GW renewables ambitions

October 1 (Renewables Now) - French oil and gas major Total SA (EPA:FP) plans to invest USD 3 billion (EUR 2.55bn) in renewables and electricity annually to support a target of having 35 GW of gross renewables capacity in 2025.

Those are two of the key points in the company’s 2020 Strategy & Outlook that was presented on Wednesday by chairman and CEO Patrick Pouyanne. Renewables will be at the core of Total’s programme as it will work to transform itself into a broad energy company and become net-zero by 2050.

In the renewables field, Total said that around 70% of the 35-GW goal are already locked in its portfolio. After achieving the target in 2025, it will strive to deploy around 10 GW of fresh renewables capacity annually. 

Renewables and electricity are expected to deliver a ”predictable cash flow” of more than USD 1.5 billion per year by 2025. More than 20% of the group’s capital investments, in turn, will go for renewables and electricity, the company said, explaining that the new investment plan was scaled up from USD 2 billion previously.

Growing energy production from electricity and liquefied natural gas (LNG) is envisaged as a major step in the French group’s decarbonisation efforts. Energy production is planned to rise by one third, with LNG and electricity generation, mainly from renewables, each accounting for 50% of the total. The sale of oil products, meanwhile, is planned to be cut by almost 30% in the next decade.

 

Source: https://renewablesnow.com/news/frances-total-unveils-35-gw-renewables-ambitions-715685/

 

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