TotalEnergies’ bet on gas means no big emissions cut by 2030

Reuters — TotalEnergies’ bet on gas means no big emissions cut by 2030

French oil major TotalEnergies forecasts its overall greenhouse gas emissions will not see a big reduction by 2030 given it wants to grow its gas business, executives said in an update on its climate strategy on Tuesday.

TotalEnergies plans to boost its liquefied natural gas (LNG) output by 40% this decade. […]

End-user emissions, referred to as Scope 3, stood at 389 million tonnes CO2e last year and TotalEnergies’ forecasts this metric to broadly stagnate and stand at less than 400 million tonnes CO2 equivalent (CO2) by 2030.

Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to have any hope of meeting the Paris Agreement goal of keeping global warming well below 2 degrees Celsius above pre-industrial levels. […]

Mark van Baal, founder of the climate activist group Follow This, said “TotalEnergies has no targets that lead to absolute emissions reductions by 2030…Setting a Paris-aligned medium-term target covering Scope 3 is paramount.”

“The company is determined to hang on to their fossil business model as long as possible. Only shareholders can change their mind,” he added, pointing to a climate resolution Follow This filed for TotalEnergies’ May shareholder meeting.