The report provides a roadmap for our 2022 strategy to achieve our climate and environmental objectives in the upcoming years. It also unveils the Company’s new objectives.
Among the five super-majors, TotalEnergies was the most profitable in 2022, with a ROACE of more than 28%, allowing it to distribute 37.2% of the $47 billion of the cash flow it generated to its shareholders while reducing its gearing to 7% at year-end 2022, demonstrating the financial strength of the Company’s business model while executing its transformation strategy to a multi-energy company and investing the most among the majors to build the energy system of tomorrow.
A report that proves our transformation
The Sustainability & Climate 2023 Progress Report aims to provide a transparent account on achieving our ambition to be carbon neutral by 2050, and our tangible, day-to-day progress in implementing actions to support this sustainable transition.
The geopolitical context of 2022, marked by the Ukrainian war, is a reminder that the issues of security of supply and energy prices have once again become as high a priority as the urgent need to decarbonize energy.
The Sustainability & Climate 2023 Progress Report also allows us to set higher ambitions for the Company. In 2023, TotalEnergies strengthens its Climate objectives and further accelerates investment in its transformation.
Buoyed by its progress in 2022, TotalEnergies is strengthening its emission reduction objectives:
- On its operated facilities, the Company has set a new absolute emissions target of less than 38Mt CO2e (Scope 1+2) in 2025 versus 2015 (compared to < 40 Mt CO2e previously), thanks notably to a $1 billion global energy savings program for 2023-24.
- TotalEnergies reinforces its objective of reducing the carbon intensity of the energy mix sold to its customers from -20% to -25% by 2030 compared to 2015, and to -15% from 2025 (compared to -10% previously).
- The Company strengthens its objective of reducing Scope 3 Oil emissions from -30% to -40% in 2030 compared to 2015, and ‑30% from 2025.
More energy, less emissions
The Company sets out its ambition step by step, leaving no stone unturned. This includes the need to meet growing energy demands and continued investment in oil to ensure a reliable yet affordable energy supply for the many in the years to come.
The report also details medium and long-term objectives for TotalEnergies to strengthen its multi-energy strategy and establish itself as a major energy transition player. With this strategy comes ever greater investment in renewable energies (biogas, wind power, electricity) and low-carbon energies (LNG, biofuels and bioenergy), as well as in electricity storage and CO2 capture and storage.
By diversifying our energy sources, reducing our carbon footprint and methane emissions, and choosing to work with like-minded stakeholders, we will be able to meet our goal of becoming a carbon neutral company by 2050, together with society. We bear in mind the importance of ensuring that the profound transformation we are undertaking is a fair transition for our employees. Thus, we are proud to be able to rely on their commitment and skills to lead this long-term transformation together.