French group Total, one of the world’s biggest energy companies, is preparing to change its name to TotalEnergies to signal its diversification towards cleaner energy sources.
Founded in 1924 as the Compagnie francaise des petroles, The Company is set to unveil the new name on May 28 during a shareholders’ general assembly.
Recently, Total has begun to invest more in solar and wind power, but it is under pressure to do more as climate issues rise closer to the top of investors’ agendas and the name-change is part of Total’s strategy to signal its diversification towards cleaner energy.
“The group is expressing its intention to transform itself into a multi-energy company to respond to the twin challenges faced by energy transitions: more energy and fewer emissions,” chief executive Patrick Pouyanne said in a French-language statement.
This year, Total plans to devote more than 20 percent of its investment budget to renewable energy sources as well as electricity.
The recent survey made by the International Energy Agency states that all future fossil fuel projects must be scrapped if the world is to reach net-zero carbon emissions by 2050 and there must be utmost commitment if the world is to limit global warming.
Towards that end, the Total board is expected to present a climate resolution during the general assembly, a move it resisted last year.Total would not be the first energy giant to change its name to reflect the changing times.
