Financial Energy Review
………..by Ben Ndubuwa…….
In the year 2015, representatives from 196 states parties worldwide converge in Paris, France on the issue of climate Change which led to an an endorsement in 2016 on climate change mitigation, adaptation, and financing.
In blazing this trail on climate change, the Franch multinational oil firm, Total has embarked on wholistic transformation to achieve net zero carbon emissions by 2050, in line with the Paris agreement.
Part of this transformation include the name change from Total to Totalenergies and the plan to invest $60 billion into renewables in which the French firm plans to spend $6 billion in Nigeria about 10 percent of its planned spendings in renewables in the next 10 years.
Speaking at a virtual meeting with energy editors in Lagos, Wednesday, the Executive General Manager, Total Country Services, Mrs. Bunmi Popoola-Mordi said the adaptation of the new name, logo and visual identity is at the heart of the company’s strategy to achieve carbon neutrality by 2050.
“Beyond our ambition for 2050, we have set precise, demanding targets for 2030. We will produce more renewable electricity and LNG. We will also need new oil projects to offset the decline in output from fields currently in production while decarbonizing our hydrocarbon production chain by avoiding and reducing emissions and capturing residual emissions” Popoola-Mordi said.
“We want to influence demand by offering customers decarbonized alternatives whenever possible. By 2030, the production and sale of petroleum products will account for around a third of TotalEnergies’ aggregate energy production and sales. This is slated to decline to below 20 percent by 2050, versus 55 percent in 2020. Simply put, we are leveraging the energies of today to build the energies of the future, and 2020-2030 will be the decade of our transformation into a truly broad energy company with a lineup featuring oil, gas, electricity, hydrogen, biomass, wind and solar.
“TotalEnergies intends to become a major player in the energy transition, and we have built a solid foundation on which to achieve our ambition” she said.
She further explained how the company upscaled through the Egina oilfield production to become Nigeria’s second biggest Oil Producer accounting about 15 per cent of the nation’s oil output.
According to her, TotalEnergies is aligning with the Decade of Gas transition declared by the Nigerian Government, in which the company will actively participate in all the energy mix.
Collaborating Popoola-Mordi’s explanations, Dr Charles Ebereonwu, Totalenergies, Country Communication Manager, said that Nigeria would continue to be relevant in the transition and transformation strategies of the oil firm.
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On whether the transformation will impact negatively on the companies workforce, he maintained that the company’s workforce will not be affected in any away.
“The company is transforming with it’s present workforce. No negative impact on the workforce in Nigeria or any other country. Infact more hands may be needed for the transformation” Ebereonwu said.
“We have been in Nigeria for more than 60 years and we are in 130 other countries around the World. We are going to be in Nigeria for a very long time” he said.
