TotalEnergys reaches 2 GW of renewable energy in France

TotalEnergys achieved an important milestone this week, reaching 2 GW of renewable energy generation capacity, representing a significant step forward in its energy transformation strategy. This milestone was reached with the inauguration of the Vents de la Moivre wind farm in the Marne region, currently the largest wind farm in France with a capacity of 63 MW. With this new facility, TotalEnergys reinforces its commitment to renewable energy and strengthens its position as a leader in the energy transition in France.

Diversification and strategic investments

With a presence in wind, solar, storage capacity and small dams, TotalEnergys is committed to strategic diversification to transform its business model, which has historically relied on fossil fuels. In 2023, the Group invested almost $400 million in renewable energies, aiming to produce over 4 TWh of green energy by 2030, up from 2.6 TWh produced in 2023. This diversification strategy is key to achieving climate and meeting the growing expectations of investors and climate activists. Isabelle Patrier, Senior Vice President for France at TotalEnergys, explains:

“Just ten years ago we had no interest in electricity at all. “In all areas where the company is present, our goal is to implement renewable energy production in a completely integrated chain: production, storage, distribution.”

Collaboration and project development

TotalEnergys is currently developing its own renewable energy projects, having initially purchased existing wind farms. With approximately 600 specialized employees in France, the group works closely with local authorities, farmers and industrial clients to implement innovative energy solutions. Partnerships with companies such as Renault Trucks and L’Oréal on rooftop solar illustrate this collaborative, local approach. For example, solar panels installed on the roofs of Renault Trucks factories provide clean electricity directly to industrial plants, reducing their carbon footprint.

Ambitious global goals

Globally, TotalEnergys will have a gross renewable energy capacity of 22 GW at the end of 2023, with an ambitious target of 35 GW by 2025 and net production of over 100 TWh of green electricity by 2030. These targets demonstrate TotalEnergys’ determination to play a key role in the global energy transformation. However, the group remains criticized for its continued investment in fossil fuels, particularly LNG, with plans to increase hydrocarbon production by 2-3% annually over the next five years. In 2023, 90% of TotalEnergys sales still came from gas and oil and only 8% from electricity, although the goal is to increase this share to 15% by 2030.

Challenges of energy transformation

The challenge for TotalEnergys is to reconcile economic growth with environmental sustainability. Although the group is the most committed to the energy transition among the oil majors, with a third of its investments dedicated to low-carbon energy, it faces constant criticism for its contribution to greenhouse gas emissions. The Carbon Tracker think tank recently noted that only Italian oil company Eni had emissions reduction targets potentially in line with the Paris Agreement, putting TotalEnergys in second place, ahead of Repsol and BP, but well behind Aramco and ExxonMobil.

Patrick Pouyanné: leadership and controversy

Patrick Pouyanné, CEO of TotalEnergys, is at the heart of this transformation. Taking over as group leader in 2014, he oversaw the company’s diversification and name change to reflect its new focus on renewable energies. However, Pouyanné remains a controversial figure, criticized for decisions regarding investments in hydrocarbons, continuing its presence in Russia at the beginning of the war in Ukraine and the possible transfer of the Group to the New York Stock Exchange. This hypothesis was strongly criticized in France. Despite the pressure, Pouyanné staunchly defends the company’s strategy, arguing that global energy demand continues to grow and that the transition to 100% renewable energy will take time.
TotalEnergys positions itself as a key player in the energy transition thanks to massive investments and strategic diversification of its activities. Nevertheless, continued investment in fossil fuels is generating debate and criticism. The challenge for TotalEnergys will be to reconcile economic growth with environmental sustainability, while meeting the expectations of investors and climate activists.