TotalEnergies Budgets $60bn for Renewables, to Increase Nigerian Investments

By June 25, 2021 NEWS

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 potential in the gas industry.

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

She said her company was determined to reduce direct emission by 40 per cent in 2030 and net zero in 2050 as part of its adherence to the 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 desirous 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 agreements between the company and co-investors nor 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.

Read the original article on Energy mix report.