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.
The group, founded in 1924 as the Compagnie francaise des petroles, proposed the new name at a shareholders’ general assembly.
“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.
This year, Total plans to devote more than 20% of its investment budget to renewable energy sources as well as electricity.
Total has started producing sustainable aviation fuel (SAF) at its La Mède biorefinery in southern France and its Oudalle facility near Le Havre.
The SAF, made from used cooking oil, will be delivered to various French airports shortly.
Total will also be able to produce SAF from 2024 at its zero-crude Grandpuits platform, located in south-east Paris.
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