French corporation Total changed its name to TotalEnergies in May to emphasize its shift from selling petroleum and petrochemical products to renewable energy. The shift won a 99.88% backing from the shareholders voting at the company’s annual meeting, cementing the company’s rebranding efforts. In line with this, TotalEnergies achieved 91.88% shareholder backing for its climate strategy. Chairman and Chief Executive Patrick Pouyanne is optimistic about this shift, stating that he envisions the company to become a major player in green energy.
Total Plans to Become a Supplier of Renewable Energy
In May, many oil companies were subjected to intense pressure to commit to a low-carbon approach, following the European Union’s commitment to global climate action under the Paris Agreement. The Dutch court ordered Royal Dutch Shell to reduce their emissions faster than they had planned. Meanwhile, two board members of the US company Exxon were ousted so that the firm could focus on its environmental goals. And more companies are under fire given that the International Energy Agency warned that oil and gas projects must stop this year. This is so that the world can achieve net-zero carbon emissions by 2050.
Recognizing the importance of the Paris Agreement, French corporation Total finalized its plan to become a more sustainable corporation. As the world’s fourth-largest private oil and gas producer, it is integral that the company reduces its share in carbon emissions. Though Total has created a strategy for carbon neutrality, Pouyanne warns that ending the company’s new fossil fuel projects will be a mistake because it would increase the prices of oil, reports CNBC. Instead of halting all their fossil fuel projects, Total committed to achieving a 60% reduction in the average carbon intensity of their energy products by 2050. On top of that, the company is planning to develop large solar and onshore wind plants, starting with an 800-megawatt solar plant in Qatar. They have also signed into three agreements for the development of offshore wind projects in the UK, South Korea, and France. Finally, they also plan to distribute power generation solutions and invest in stationary energy storage solutions.
TotalEnergies’ Rebrand Highlights New Environmental Goals
To mark this transition, Total has rebranded itself into TotalEnergies. This rebranding is significant for companies transitioning into a more environmentally friendly strategy since it establishes their image as a positive and eco-friendly business, claims Sage Pub. It sends a clear message to consumers, increasing brand trust and customer satisfaction. However, rebranding is only one part of TotalEnergies’ shift. Besides changing their name, TotalEnergies is also building a professional brand by creating visually compelling, professional, and up-to-date content, something that is extremely important in this day and age, according to LHH. TotalEnergies’ updated website not only highlights their transition as a rebranded company but also shares snippets of their renewable energy projects. This provides their current clientele, and other internet users, with proof that further establishes the company’s image as one committed to the global goal against climate change.
Numerous oil and gas companies have also rebranded as they shift their focus to renewable energy. To illustrate, the Oil and Gas Republic has rebranded itself as The Energy Republic last month as the company repositions its media coverage and business portfolio towards clean energy sources. Managing Editor Ndubuisi Michael Obineme states that the company will provide opportunities regarding clean energy sources as it shifts its focus to sustainable energy development.
As 2050 draws nearer, more businesses are expected to rebrand as they transition to a more eco-friendly approach.