Going forward, the company has set a target of 35 GW of renewable capacity by 2025, with many of the additions already under construction or well along in development. Since 2016, Total has invested $8 billion in renewable power, increasing its gross renewable capacity to about 7 GW. Total has indicated it intends to become a world leader in renewables, in line with its strategy to transition into an increasingly broader energy company by 2030. “And actually, that’s sort of borne out quite interestingly through a lot of these different strategies.” For example, while Total and Shell are both trying to reduce the intensity of their emissions, the paths they’re taking differs markedly. “You can do many different things to get to a net-zero business,” he said. Linden explained that many O&G companies have set net-zero carbon emissions targets. “You’ve got clear themes that European-based businesses are thinking about decarbonization and diversification, while Asian and American oil and gas companies are less focused on that.” Sustainability Pathways “This is a very Eurocentric story right now,” said David Linden, head of Energy Transition with Westwood Global Energy Group, a UK-based energy market research and intelligence firm that provides subscription-based data services, bespoke reporting, and commercial advice to clients around the world.
Among the big names in the industry, European-based companies, such as Total, BP, Royal Dutch Shell, Equinor, Eni, and Repsol, are leading the way by adding renewable resources to their portfolios. The oil and gas (O&G) sector has taken a keen interest in the subject, as the shift away from fossil fuels gains momentum due to climate change concerns. POWER published an article last month (see “ The Hydropower Industry’s Sustainability Conundrum” in the March 2021 issue) outlining ways the hydropower sector aims to improve new and existing facilities through sustainability initiatives, but it’s not just power companies that are focusing on the topic enterprises in nearly every industry are prioritizing sustainability. Sustainability is a topic that many company leaders around the world are thinking about more and more these days.
Hydrogen and carbon capture technologies are also likely to be part of growth strategies for the industry going forward.
Total has laid out plans that would have it outpace clean energy leaders Iberdrola and Ørsted on renewable power capacity by 2030. Although you’d be hard-pressed to find an expert who believes oil and gas companies will abandon exploration and production operations anytime soon, several oil and gas majors are expanding their businesses into the renewable energy sector-and some in a big way.
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