Total sees its growing low-carbon stable as providing strong returns and less volatility than its fossil fuel business, but the French supermajor is not quitting oil, according to chief executive Patrick Pouyanne.

The Paris-based giant on Tuesday became the latest European major to commit to a net-zero emissions target by 2050, and has all-but ring fenced some investments in carbon-neutral businesses.

That decision comes even as the company has been taking an axe to overall capital expenditure for the second time this year amid the oil market crash.