French oil and gas company, Total, announced a name change to TotalEnergies, as it sought to pivot to renewable energy.
The company’s decision has had mixed reviews from shareholders of the oil firm, as some disapproved while the decision received massive support from the other end of the table.
Oil companies have always been mentioned in conversations relating to climate change, calling for their need to switch to a less harmful process of refining, as climate change advocates emphasise the negative effects of carbon emissions into the atmosphere.
Reuters reported that Total’s strategy to embrace climate-friendly practices is expected to be fully realised by 2050, with 91.88 percent of the company’s shareholders supporting the plan at Total’s annual meeting.
The company noted that its journey to attain carbon neutrality had begun, and would be utilising wind and solar projects.
Speaking on global oil production falling without the execution of “new oil projects”, the Chairman and Chief Executive of the company, Patrick Pouyanne, said, that there would be a 4 to 5 percent drop annually.
“Without new oil projects, global oil production is set to naturally drop by about 4% to 5% every year,” he said.
Appreciating the faith of shareholders in its new venture and name change, Pouyanne said, “I would like to thank our Shareholders for their almost unanimous support on our new name, TotalEnergies, that anchors our strategy in our identity, as well as for their support by a very large majority, more than 90%, on the resolution on the Company’s ambition with respect to sustainable development and energy transition towards carbon neutrality and its related targets by 2030.
“The shareholders voted by a very large majority in favour of this resolution because they perceive the real transformation process in which the company is engaged and have made this vote support of a bold and demanding strategy.
“This very strong support also means a great demand and a huge commitment for us, the women and men of TotalEnergies.
“This transformation into a broad energy company that places sustainable development at the heart of its strategy, its projects and its operations is a transformation that will mobilize the entire company. The reality is that TotalEnergies is becoming one of the most active players in the energy transition.”