ASSESSMENT OF TOTALENERGIES’ CLIMATE STRATEGY

The report argues that TotalEnergies' investment and production strategies prioritize oil and gas expansion and shareholder returns over climate solutions, leading to a significant overshoot of the IEA's Net Zero Emissions by 2050 Scenario.

• TotalEnergies' 2024 investment priorities heavily favored fossil fuels and shareholders over its integrated power business. For every dollar invested in integrated power, the company invested 3.6 dollars in oil and gas and distributed 4.0 dollars to shareholders via dividends and share buybacks.
• The company has reduced its future investment targets for low-carbon activities. TotalEnergies now plans to allocate 26.5% of its future capital expenditure to integrated power and low carbon molecules from 2026 to 2030, a decrease from its previous target of 33%.
• TotalEnergies' oil and gas production is projected to significantly exceed the IEA NZE alignment. Based on existing fields and short-term expansion, 2030 production will be 29% higher than the NZE; however, the company's target to increase production by 3% per year by 2030 would result in production at least 61% above NZE alignment.
• The company's LNG strategy involves significant capacity expansion that is not aligned with the NZE. TotalEnergies' total net liquefaction capacity is projected to reach 33.3 Mtpa by 2030, which is 94.9% higher than the NZE scenario.
• TotalEnergies' diversification into renewables is described as marginal and driven primarily by acquisitions rather than new development. By 2030, renewable energy is expected to represent less than 10% of the company's energy mix, while oil and gas extraction will represent 86.4%.
• The company is expanding its gas power production, planning to double it to 30 TWh by 2030, which will make gas power 30% of its electricity production in 2030.
• TotalEnergies' emissions targets are criticized for allowing scope 3 emissions—which constitute 91% of its total emissions—to increase by nearly 17% by 2030. Furthermore, the company relies on CCUS and nature-based solutions for 5% of its absolute emissions reduction by 2030.

APA

Delaporte, L.-M., & Bogaert, A. (2025). ASSESSMENT OF TOTALENERGIES’ CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_TotalEnergies_Climate-Strategy-Assessment.pdf

Chicago

Delaporte, Louis-Maxence, and Achille Bogaert. ASSESSMENT OF TOTALENERGIES’ CLIMATE STRATEGY. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_TotalEnergies_Climate-Strategy-Assessment.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Bogaert |first2=Achille |title=ASSESSMENT OF TOTALENERGIES’ CLIMATE STRATEGY |publisher=Reclaim Finance |date=April 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_TotalEnergies_Climate-Strategy-Assessment.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2025assessment, author = {Delaporte, Louis-Maxence and Bogaert, Achille}, title = {{ASSESSMENT OF TOTALENERGIES’ CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2025}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/05/202504_TotalEnergies_Climate-Strategy-Assessment.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }