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The Oil And Gas Company Total Changed Its Name After Results Of Losses In 2020. The Current Name Will Be TotalEnergies, Considering That The Oil Company Will Focus On Renewable Energy
With an eye on the world’s transition to the renewable energy industry, shareholders of the French oil and gas company Total approved, on Friday (28), the company’s name change to TotalEnergies. The company is also adopting a new visual identity to mark this moment of transition to renewable energy.
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Words From The CEO Of The Oil And Gas Company
The CEO of Total, Patrick Pouyanné, states: “energy is life, and everyone needs a source that is in progress. Therefore, today we will contribute to the sustainable development of the environment, moving together toward renewable energy.”
The CEO also states that the choice of the new name reflects the desire to transform the company into one of the largest players in the global energy transition.
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The Loss Of Total Energy
The name change of the oil and gas company had already been announced in February, along with the report of losses regarding the financial results of 2020. The results reflected the challenging scenario created by the pandemic, which led Total to suffer a net loss of US$ 7.2 billion by the end of last year.
Pouyanné stated that the year 2020 was marked by two major impacts: the coronavirus pandemic and the crisis in the oil and gas sector, which caused a drop in the price of Brent oil.
The Name Change Of Total To Focus On The Renewable Energy Market
The announcement of the oil and gas company’s results also included the announcement of the name change. At the time, the company stated that the change is part of a strategy to reduce the presence of fossil fuels in its business and to turn its attention to renewable energy. Total’s goal is to reduce its share of oil derivative sales from 55% to 30% by the end of this decade.
The group proposed the change to its shareholders at the Annual General Assembly, on Friday (28), so they would have the opportunity to endorse the strategy in renewable energy.
Total invested around US$ 2 billion last year in the renewable energy and electricity sector and added approximately 10 GW to its portfolio. After acquiring 20% of the solar developer Adani Green Energy, the company has an installed capacity of 35 GW under construction. Of that total, 20 GW are already benefits from power purchase agreements.
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