France-based TotalEnergies has released its 2024 progress report on climate and sustainability issues, ready for a consultative vote at this year’s annual shareholder meeting.
The report outlines the progress that the company made last year with regard to its targets for 2030. This involves areas like contributing to a fair, just and orderly energy transition, and reducing greenhouse gas emissions.
The company is continuing to focus on oil and gas, especially LNG (liquefied natural gas), while also diversifying into renewable electricity generation.
Thanks to focusing on oil and gas operations with low greenhouse gas emissions, TotalEnergies said it reduced its Scope 1 and 2 emissions from its operated oil and gas assets by 34% in 2023 compared to 2015 levels.
Methane emissions were also down by 47% in 2023 compared to 2020 levels. TotalEnergies, which makes the Total metalworking range, says it wants to decrease its methane intensity to under 0.1% by the end of the decade.
In a press release, the company also said that sales of natural gas played a role in reducing global emissions:
“In gas. With the energy of the transition, which complements the intermittency of renewable energies in electricity generation, and represents a virtuous alternative for countries burning coal for their power generation needs, the Company estimates that its LNG sales contributed to avoiding about 70 Mt of CO2e emissions worldwide in 2023.”
TotalEnergies also said that it invested over $5 billion in low-carbon energy last year, mostly renewable energy generation, as it sought to become an integrated energy company.
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