TotalEnergies Budgets $60 Billion For Energy Transition

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Yemisi Izuora

TotalEnergies has announced an investment of about  $60 billion in renewable energy projects between now and 2030 as part of its ambitious moves to deepen its energy transition space in the world.

Total is also promising a robust midstream investment in Nigeria as the country unleashes gas investment initiative to harness the potentials in the gas industry.

The company’s Executive General Manager Bunmi Poopla-Mordi, ,who announced this at a web conference with energy journalists on Wednesday,said with the investment.her company hopes to grow its renewable capacity to 100million gigawatts and 5million biofuels

She said her company was determined  to reduce direct emission by 40percent in 2030 and net zero  in 2050 as part of its adherence  to Paris Protocol on climate change .

Poopola-Mordi stated that the  company was also committed to partnership and sustainable development in the fight against global corruption,poverty and environmental degradation.

She maintained that the company’s recent name change was a  game-changer,which followed ambitious trajectory since 1954 and defined  its current state and aspiration  for global energy transformation

She said the company was desirious of keying into the country oil and gas development with its energy transition projects of which Nigeria would be one of the greatest beneficiaries due to its importance in global energy rating.

According to her ,the name change to TotalEnergies would not in any way alter any  joint venture agreement agreements between  the company and co-investors as well as stopped some of its ambitious energy projects in Nigeria.

She said,the name change and the company’s strides in energy transition represent increased opportunities for Nigeria and investors  in exploration  of  natural resources which she said would continue to be the toast  of her company.

She added that there would be no job losses in the company on account of the energy transition,adding that her company’s focus would be geared towards retooling and upskilling its workforce to cope with the challenges brought by the ongoing changes in the company

She spoke on Nigeria’s decade of gas programme,adding that her company was supportive of the drive to harness the nation’s gas potentials to add  necessary value to its growth.

She also said revealed that her company intends to play actively in the country’s Compressed Natural Gas  space to deepen the campaign for  the consumption of clean,affordable and environmental enerny in the country.

She  revealed that the company is concurrently in dialogue  with shareholders in its downstream subsidiary in Nigeria with a view to apprising them with the name change and implications of energy transition to their operations.

According to her,the company would rebrand all the service stations before the  first quarter of 2023 and run  their operations with energy transition trend

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