TotalEnergies expects the global natural gas consumption to increase by 10% by 2030 as published during today’s Energy Outlook presentation (see slide 41 in the company Energy Outlook 2022). This forecast of increased fossil fuel consumption contradicts the IEA’s and UN’s call for fossil fuel reductions to meet the Paris Climate Agreement.
“TotalEnergies’ updated scenarios seem to be designed to justify TotalEnergies’ plans to increase natural gas production,” says Tarek Bouhouch, head of Follow This France. “With this forecast, TotalEnergies contradicts the worldwide consensus formulated in the Paris Climate Agreement to deeply cut emissions. This can only be done by shifting away from all fossil fuels.”
“Investors who are determined to achieve Paris, should be crystal clear to oil majors like TotalEnergies and support them unequivocally to shift investments from fossil fuels to renewables. We believe that TotalEnergies can lead the energy transition.”
Tomorrow, the company will hold their annual Strategy Outlook dedicated meeting, webcasted from New York at 15:00 CET.
“We are impatient to hear how the Energy Outlook displayed today will frame the company’s strategic forecast. We hope the long-term investment decisions expected tomorrow will be oriented toward sustainable goals.”
No need for investments in new fossil fuels
IPCC: “Without immediate and deep emissions reductions across all sectors, limiting global warming to 1.5°C is beyond reach.”
Secretary-general of the United Nations António Guterres: “Nothing could be more clear or present than the danger of fossil fuel expansion. Even in the short-term, fossil fuels don’t make political or economic sense.”
The International Energy Agency (IEA): “There is no need for investment in new fossil fuel supply in our net zero pathway.”
Carbon Tracker: “[fossil fuel] companies are sitting on three times more coal, oil and gas reserves than can be burned without breaking the 1.5°C Paris climate target”