French supermajor Total has finalised its change of name to TotalEnergies as chief executive Patrick Pouyanne said it aims to “become a sort of green energy major”.
Shareholders waved through plans by the Paris-based giant's board for the rebranding, which was first announced in February in a bid to reflect a shift towards a broader energy base and electrification.
Pouyanne said: “Energy is reinventing itself, and this energy journey is ours. Our ambition is to be a world-class player in the energy transition. That is why Total is transforming and becoming TotalEnergies.”
The group has over the last two years emerged as one of the front runners among oil and gas groups in terms of embrace of renewable energy, with a 100 gigawatts gross target for 2030 that is among the largest of any player globally.
That has already seen it take big positions in solar in the US, Spain and India, and in offshore wind in the UK and most recently Taiwan.
The oil and gas group, which like European peers has set 2050 corporate net zero goals, said it will allocate 20% of net investments to renewables and “low carbon power” this year. That should equate to $2.4 billion, up from $2 billion in 2020.
But the name change is also certain to attract claims of 'greenwashing', given that even its high level of ambition compared to most of its rivals would still leave Total devoting the lion's share of investment to fossil-related activities by the end of the decade.
The French group's name change comes at the end of a difficult week for some of its fellow supermajors.