TOTALENERGIES SE: TotalEnergies Energy Outlook 2022: TotalEnergies Publishes its Annual Contribution to the Energy Transition Dialogue
September 27 2022 - 8:33AM
UK Regulatory
TIDMTTE
In view of the forthcoming COP27, the multi-energy Company
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) aims at improving
the understanding of the global energy system and thus contributing
to the Energy Transition debate with its annual publication, the
TotalEnergies Energy Outlook 2022 (document available at this
link).
TotalEnergies Energy Outlook 2022
Published for the fourth consecutive year, the TotalEnergies
Energy Outlook 2022 reexamines the two core scenarios -- Momentum
and Rupture -- elaborated by TotalEnergies to achieve the energy
transition by 2050, taking into consideration current energy
markets and societal trends. It also integrates new Net Zero
pledges made since the presentation of last year's Energy Outlook
in September 2021, thus strengthening global climate ambition.
-- TotalEnergies' Momentum scenario is a forward-looking approach based on
existing decarbonization strategies of Net Zero 2050 countries, as well
as NDCs (Nationally Determined Contributions) of other countries. In
addition to major economies like the US, European countries, Japan and
South Korea, Momentum incorporates this year new Net Zero 2050 pledges
from Australia, Singapore, Taiwan and the UAE. The increasing number of
countries with carbon neutrality commitments by 2050 following the COP26
in Glasgow is excellent news for the climate but still results in a
2.1-2.3deg temperature increase by 2100 in our models (using IPCC curves
AR6 P66).
-- TotalEnergies' Rupture isa scenario built to reach the objectives of the
Paris Agreement by 2050, with temperatures' rise well-below 2degC (P66)
vs. pre-industrial levels. It involves dissemination at large-scale of
decarbonization drivers to all emerging economies, the construction a new
low carbon energy system at a global scale while gradually transitioning
from the existing one. It will not happen without richer countries
supporting emerging ones by promoting a just energy transition (via
investments, technology transfers, training...) with a funding at least
at the level forecasted in the Paris agreement (100 B$/year from 2020).
-- By extending a combination of levers already applied in the Rupture
scenario onwards to all countries around the world, the TotalEnergies
Energy Outlook 2022 gives a Rupture+ scenario, which allows to limit the
temperature rise to 1,5degC (P50). Oil demand in 2050 is comparable to
IEA NZE but the trajectory to reach this target is different as new oil
projects are still needed until the mid-2030s to meet demand and avoid
prices spikes.
"Current energy markets disruptions have reinforced the
necessity of dialogue on a global basis about the energy
transition, involving worldwide participation of all actors of the
society" declared Patrick Pouyanné, Chairman and CEO of
TotalEnergies. "With this document, in line with our climate
ambition to get to Net Zero by 2050 and our ongoing transformation
into a multi-energy company putting the sustainable development
goals at the core of our strategy, TotalEnergies intends to share
its knowledge of the global energy system, in order to contribute
to the decisions that will foster the energy transition and help to
tackle climate change."
Helle Kristoffersen, President Strategy & Sustainability and
member of the Executive Committee, will present this document today
as an introduction to the Investors Days. This webcast will be
streamed live and available for replay at the following link.
Below are some of the key messages from the TotalEnergies Energy
Outlook 2022:
-- The short-term trajectory of global energy demand is not going in the
right direction (pick up in coal use) due to the economic recovery post
Covid in 2021 and the current market disruptions. More efforts will be
needed to decarbonize while ensuring energy security and affordability.
-- Current high energy prices have put energy efficiency at the top of the
energy policy agenda in many OECD countries. The current crisis should be
an opportunity to increase and anchor energy saving and efficiency
measures as they are the fundamental basis of any scenario to reach the
Paris agreement objectives.
-- In the OECD, the electrification of end-user demand thanks to clean power
is a structural evolution that helps reduce emissions and increase energy
efficiency. The biggest impacts are to be found in road transport (Light
Vehicles, 2-3 wheelers, Heavy Duty Vehicles) and industry. Strong public
policies such as the ban on sales of new internal combustion vehicles in
Europe and California are important to drive evolutions in demand. Heavy
investment in electrical grids at state and interstate levels are
fundamental requirements for the success of this electrification.
-- In non-OECD countries, in particular in Africa, the switch away from
traditional biomass to modern energy is core to increasing energy
efficiency while providing affordable energy access, better living
standards and economic development to growing populations.
-- Renewables, already the main driver of the decarbonization of the power
mix, are experiencing a higher and faster penetration as energy security
becomes a key concern for many countries.
-- With the increased penetration of renewables globally, natural gas keeps
a key role in the energy transition to ensure firm power, in addition to
pushing out coal in all sectors of final demand. Gas will become greener
over time and its growth is accompanied by carbon capture and methane
emissions control solutions.
-- H2 and Sustainable Liquid Fuels based on e-fuels are promising
decarbonization drivers, but they will not scale up before 2030; in the
meantime, renewable diesel and biogas are expected to pick up. Once at
scale, hydrogen and hydrogen-based fuels will increase demand for clean
power and carbon abated gas by more than 10% by 2050.
-- The transition will require a step up in spending to build a new low
carbon energy system and maintain the existing one for a while. The
current decade is decisive. Investment in low carbon power must double to
2030 to reach 1.5 T$/year. Meanwhile, investment in new oil and gas
developments is required until at least the mid-2030s to satisfy customer
demand, even in a well below 2degC scenario.
-- Massive investment in clean tech R&D is needed to develop the
technologies that will power this new energy system. TotalEnergies is
committed to this transition and devotes already more than 60% of its R&D
Budget to clean tech.
***
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
Twitter: @TotalEnergies LinkedIn: TotalEnergies Facebook:
TotalEnergies Instagram: TotalEnergies
Cautionary Note
The terms "TotalEnergies", "TotalEnergies company" or "Company"
in this document are used to designate TotalEnergies SE and the
consolidated entities that are directly or indirectly controlled by
TotalEnergies SE. Likewise, the words "we", "us" and "our" may also
be used to refer to these entities or to their employees. The
entities in which TotalEnergies SE directly or indirectly owns a
shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies' financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
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CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2022
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