Energy Intelligence has awarded its 2020 Energy Innovation Award to energy company Total, in recognition of the company’s pioneering work in diversifying its portfolio into low-carbon technologies while applying rigorous emissions targets to decarbonize in the years ahead.
Total tops Energy Intelligence’s Vulnerability Index scoring highly for the underlying resilience of its current portfolio and for its wide-ranging strategy to respond to the energy transition. Despite the current crisis, Total continues to invest aggressively in this sector and leads the industry in our Low-Carbon Investment Tracker this year. Total also ranks 3rd in Energy Intelligence’s ESG Climate Risk Benchmark, our independent assessment of IOC and NOC exposure to climate-related investor pressures.
The Energy Innovation Award recognizes the greatest improvement made by an incumbent oil and gas company in adapting to the energy transition over the previous year. It is based on quantitative data, as measured by Energy Intelligence’s new Energy Transition Service benchmarking work, with the winner then selected from a shortlist by an independent panel of leading experts in finance, government, academia and consulting.
“French major Total has taken steps over several years to integrate climate and energy transition priorities into its wider business strategy,” said TJ Conway, head of Energy Transition Research at Energy Intelligence. “It has continued to reinforce its leading position, unveiling more ambitious emissions goals and spelling out how these will transform its portfolio, while sustaining strong investment in low-carbon technologies.”
Total confirmed in May 2020 that it would extend its prior emissions-reduction ambitions to target net-zero operational emissions by 2050, and at least a 60% cut in net lifecycle greenhouse gas emissions intensity (and 100% within Europe) by the same date. CEO Patrick Pouyanné has shown leadership in positioning Total as the first company to articulate the portfolio implications of its targets, with oil sales set to shrink dramatically, to be replaced by low-carbon, mainly renewable, electricity.
“Total had already made groundbreaking moves into large-scale battery and solar technology in previous years, and has continued to roll out major investments in low-carbon energy solutions,” said Lauren Craft, editor of EI New Energy and the administrator of the award. “In 2020, it has announced a succession of big moves in low-carbon power generation, while deepening its push into batteries and carbon-capture technologies. Total is also a leader when it comes to low-carbon transportation through investments in the hydrogen and electric-vehicle charging markets.” The award will be presented to Total CEO, Patrick Pouyanné, on Wednesday, October 14, 2020, during the inaugural Energy Intelligence Forum which is being held online at energyintelligenceforum.com.
The previous winners of the award, formerly known as the Leadership in New Energy Award, are Royal Dutch Shell (2019), Vattenfall (2018), Engie (2017), Total (2016), Statoil (2015), Dong Energy (now Orsted) (2014), Iberdrola (2013) and Masdar (2012).