Total to increase investments in renewable energy production
Reuters
Published Sep 30, 2020 08:23AM ET
PARIS (Reuters) - French oil and gas major Total (PA:TOTF) on Wednesday said it would hike its annual investments in renewable energy by 50% to $3 billion as it cuts its dependence on oil and aims to become a major low-carbon energy producer.
The group said in a statement it sales of oil products would shrink by 30% over the next 10 years, and will represent a third of its revenue by that stage, while 15% will come from electricity, 50% from gas and another 5% from biofuels.
Faced with gloomy long-term prospects for oil demand, Total has been accelerating a push into alternative sources of revenue, with a particular focus on providing electricity and expanding its renewable energy business.
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Written By: Reuters
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