French energy group Total is proposing to change its name to TotalEnergies to reflect its transformation strategy.
According to Total, the group affirms its plan to transform itself into a broad energy company to meet the dual challenge of energy transition, more energy and less emissions, and the group’s profile will be transformed over the next decade as it focuses its growth on LNG and renewables. Oil products are expected to fall from 55% to 30% of sales.
“To anchor this transformation, the group will propose to its shareholders at the annual general meeting on May 28, 2021, changing its name to TotalEnergies. They will hence have the opportunity to endorse this strategy and the underlying ambition to transition to carbon neutrality,” Total said in a release.
Total has accelerated the implementation of its strategy to grow renewables, adding 10 gw of capacity to its portfolio in 2020 and it expects to grow capacity to 35 gw by 2025.