• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 5 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 2 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 26 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 3 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 5 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 12 hours Iran Is Winning Big In The Middle East
  • 14 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 9 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 10 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 12 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Total Jumps On Renewables Bandwagon, Announces Ambitious Goals

Total Renewables

Total announced, in a strategy paper on Tuesday, that it aims to have renewable energy make up 20 percent of its portfolio by 2035.

The company said its La Mede refinery in France will be transformed into a “world-class” bio-refinery by 2017.

It will also strategically decide which areas to drill for oil and natural gas by reducing its exposure to tar sands and letting the Arctic ice pack be.

“The 2C scenario [of the International Energy Agency] highlights that a part of the world’s fossil fuel resources cannot be developed,” the company’s report said in reference to the plan that would limit the global temperature increase to two degrees on the Centigrade scale.

"Total’s growth strategy takes [the 2C scenario] into account,” the document read.

Related: Mozambique’s LNG Dreams Falling Apart

The report’s foreword, written by chief executive Patrick Pouyanne, stressed the importance of the Paris agreement in shaping the French company’s future.

“COP21 was definitely a watershed,” Pouyanne said. “Despite the current instability worldwide, 195 countries managed to unite around an ambitious climate agreement. That sends a strong message.”

Total has demonstrated a commitment to clean energy in the past: It spent more than US$1 billion to buy the battery manufacturer Saft, and bought a majority stake in SunPower, a solar energy company.

Related: BP Faces Setback In World’s Largest Unexplored Oil Basin

Other major oil companies have also jumped on the renewable energy bandwagon.

Shell recently announced a $1.7 billion project to create a renewable energy division, and ExxonMobil - a longtime denier of the effects of human activity on climate change - said it would investigate fuel cell technology to recapture carbon from the atmosphere.

ExxonMobil and Chevron will host their Annual General Meetings on Wednesday, but their executives have reportedly opposed moves by shareholders to add climate change experts to their boards or assess the business implications of a 2C scenario.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play