TotalEnergies' Board of Directors has restated its unwavering support for Chief Executive Officer Patrick Pouyanné's strategic vision aimed at positioning the company as a prominent player in the clean energy sector.
The board conducted a thorough review of the company's strategic outlook during its annual seminar on September 20-21. Notably, it highlighted the significance of TotalEnergies' well-balanced multi-energy approach, which takes into account the evolving landscapes of oil, gas, and electricity markets.
See also: TotalEnergies and European Energy Announce 4GW Onshore Renewable Project Collaboration
TotalEnergies' ability to leverage this strategy has been bolstered by a deliberate shift in focus towards oil and gas assets and projects with low breakeven points and minimal greenhouse gas emissions. Simultaneously, the company has diversified into the electricity sector, particularly renewable energy sources, adopting an integrated approach from production to customer delivery. This strategic positioning has placed TotalEnergies in an advantageous position to navigate dynamic energy markets and price fluctuations.
The company is resolutely pursuing its aspiration to become a significant contributor to the energy transition and is committed to achieving carbon neutrality by 2050, aligning with societal goals.
In line with its commitment, TotalEnergies has already reduced the lifecycle carbon intensity of energy products sold to customers by 12% in 2022 compared to 2015. The company now aims to further decrease this intensity by 25% by 2030. Additionally, TotalEnergies has set ambitious targets to reduce Scope 1+2 emissions from its oil and gas operations by 40% by 2030 and methane emissions by 80%.
See also: TotalEnergies Calls for Tenders to Produce 500,000 Tonnes of Green Hydrogen Annually
While reiterating its strong support for Pouyanné's strategic direction, the board emphasised the importance of ensuring the company's governance and leadership continuity. It expressed a strong desire for Pouyanné to continue spearheading the execution of this strategy as the company's leader.
As a result, upon the recommendation of the governance and ethics committee, the board unanimously decided to propose the renewal of Patrick Pouyanné's mandate at the General Meeting scheduled for May 2024.
Jacques Aschenbroich, Lead Independent Director, commented, “TotalEnergies' board regularly reviews its long-term succession plans. Since 2014, Patrick has done an extraordinary job leading TotalEnergies in a complex environment, delivering outstanding financial results and engaging the company in the energy transition quicker and stronger than its peers. The Board unanimously looks forward to his continued leadership and his strategic vision to continue TotalEnergies' transition.”
