Energy Intelligence has awarded its 2024 Energy Innovation Award to TotalEnergies based on the company’s peer-leading low-carbon investments and consistent execution of its long-term transition strategy.

The Energy Innovation Award recognizes the greatest improvement made by an incumbent oil and gas company in adapting to the energy transition. It is rooted in quantitative data, as measured by Energy Intelligence’s Energy Transition and Competitive Intelligence services. The winner is then selected from a shortlist by an independent panel of leading experts in finance, government, academia and consulting.

"TotalEnergies exemplifies the 'patient capital' that's often lacking in the energy transition," says Lauren Craft, editor of EI New Energy and administrator of the award. "Take its entrance into the power sector as an example. It hasn't wavered in its ambitions to build a significant presence in the electricity business, even as rivals backpedal their plans on this front. What's more, TotalEnergies is carving out ways to do so profitably."

TotalEnergies leads Energy Intelligence's proprietary Low-Carbon Investment Tracker with the most announced investment at about $80 billion, with an estimated $19 billion completed and $17 billion under development since 2015. The company is building a portfolio spanning nearly all major business areas of the energy transition, from renewable power and batteries to green hydrogen and carbon capture.

TotalEnergies has also committed to industry-leading emissions targets encompassing both its operational emissions (Scope 1 and 2) as well as those from the use of its products (Scope 3).

The award will be presented to TotalEnergies' Chairman and CEO, Patrick Pouyanné, during the 2024 Energy Intelligence Forum in London.

Previous winners of the award include Repsol (2023), Eni (2022), Equinor (2021), Total (now TotalEnergies) (2020), Royal Dutch Shell (now Shell) (2019), Vattenfall (2018), Engie (2017), Total (now TotalEnergies) (2016), Statoil (now Equinor) (2015), Dong Energy (now Orsted) (2014), Iberdrola (2013) and Masdar (2012).