February 17, 2021 Read More →

French oil major Total raises 2030 renewable energy goal to 100GW

Renew Economy:

French oil and gas super-major Total has set itself a new target of growing its renewable energy capacity to 100GW by 2030, building on the company’s short-term pledge of having developed 35GW by 2025.

Total announced in September 2020 that it was raising its renewable target for 2025 from 25GW to 35GW. At the same time, the company promised plans to add around 10GW of renewable capacity each year following as part of the company’s larger plans of shifting its portfolio away from oil and gas towards electricity.

However, according to energy news site Recharge, Total CEO Patrick Pouyanne has in recent weeks been referring to an ambition for his company of 100GW of renewables by 2030, and a Total spokesperson recently confirmed to Recharge that this is in fact now the company’s official goal.

Worth noting, however, is that Total is already well on its way to achieving these impressive targets. In 2020 alone Total added 10GW of renewables to its portfolio, according to the company’s fourth quarter and full-year 2020 results.

The same results showed that Total now has a portfolio of renewable capacity worth 35GW either installed or in various stages of development – with more than 20GW of this capacity already benefiting from long-term Power Purchase Agreements (PPAs).

This includes the recent acquisition of a 20% minority interest in Adani Green Energy signed mid-January 2021, which itself was an expansion of a February 2020 agreement which saw Total acquire a 50% stake in 2.35GW worth of Indian solar assets.

[Joshua S Hill]

More: Oil major Total targets 100GW of wind and solar capacity by 2030

Comments are closed.