TotalEnergies issues 2024 Sustainability & Climate Report
In its latest Sustainability & Climate progress report, TotalEnergies reaffirmed the relevance of its balanced multi-energy strategy – anchored on two pillars: oil & gas, notably LNG, and electricity, notably renewable.
In 2023, like in 2022, TotalEnergies was the most profitable major, with a return on capital employed of 19%, while also being the major that invested the most in energy transition. In oil and gas, having refocused its portfolio on assets and projects with low breakeven and low greenhouse gas emissions, TotalEnergies intends to produce oil and gas responsibly, as illustrated by its 2023 achievements in emissions reductions.
Reductions included a 34% decrease in Scope 1+2 emissions from operated oil & gas facilities compared to 2015, a decrease to 18 kg CO2e/BOE of the Scope 1+2 emission intensity of upstream oil and gas activities on an equity basis and a 47% reduction in methane emissions on operated facilities in 2023 compared to 2020, already among the lowest in the peer group.
To concretely transcribe its ambition to aim for zero methane emissions, TotalEnergies extended its objective to reduce its methane intensity to <0.1% by 2030 to the entirety of its operated upstream oil & gas facilities – not just its gas facilities.
In gas, the company estimated that its LNG sales contributed to avoiding about 70 metric tonnes of CO2e emissions worldwide in 2023. In electricity, TotalEnergies invested more than $5 billion in 2023 in low-carbon energies, contributing to building a profitable and differentiated integrated power business. The lifecycle carbon intensity of energy products sold by TotalEnergies to its customers for final use was 13% lower in 2023 compared to 2015 and is on track to meet the objective of -25% by 2030. TotalEnergies also confirmed its commitment to carbon neutrality by 2050.
Moreover, with the launch of ‘Care Together by TotalEnergies,’ it increased its commitments in terms of social responsibility. In addition to commitments specific to each affiliate, the company guaranteed compliance with high social standards for all its employees worldwide, regardless of legislation. The program is based on concrete measures around four pillars: social protection, health, the family sphere and working conditions.
