Total has outlined a business transformation plan that will align more closely with its lower-carbon ambitions. But in contrast with peers BP and Shell, it aims to maintain dividends funded by continued investment in oil and gas output growth. Total has broadened its earlier ambitions to achieve net-zero emissions by 2050 by detailing a strategy to become a multi-energy company — Total Energies — with the “ultimate objective that sustainability is key to create long-term value for shareholders”, chief executive Patrick Pouyanne says. This means “further high-grading the portfolio, favouring gas over oil, accelerating expansion of low-carbon electricity and decarbonising the mix, all within the framework of strict capital discipline”, he says.
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