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Total targets global net zero emissions by 2050

Total emission
Total reported a 35% drop in first-quarter profit for the year

 

France-based oil and gas company Total revealed that it is planning to cut its carbon emissions significantly, with the aim of achieving net-zero emissions globally by 2050, the media reported.

Total will also aim for a net-zero emission on all its production and energy products used by its customers in Europe, the so-called scope 3 emissions, by 2050 or before.

Chairman and Chief Executive Officer Patrick Pouyanne said in a statement, “Energy markets are changing, driven by climate change, technology, and societal expectations. Total is committed to helping solve the dual challenge of providing more energy with fewer emissions.”

Other European oil companies and Total’s rivals such as BP and Royal Dutch Shell has also announced similar have announced similar targets recently.

Total also announced a 5 percent reduction in its upstream oil and gas output in 2020 from previous guidance, while also highlighting a 50 percent reduction in its refinery utilisation. During the first quarter of 2020, Total produced around 3.09 bpd of oil, which is 5 percent higher than the previous year.

For the first quarter of 2020, Total posted a significant fall in net profit, due to depleting oil prices and to the coronavirus pandemic, which has pushed the global economy into recession.

Total reported that its first-quarter net profit came in at $1.8 billion, down from $2.8 billion over the same period last year, reflecting a fall of 35 percent.

Patrick Pouyanne added, The group is facing exceptional circumstances: the COVID-19 health crisis, which is affecting the world economy and creating major uncertainties, and the oil market crisis, with the sharp drop in oil prices since March.”

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