French energy giant—Total announced new plans to aim for net-zero emissions by 2050

The announcement comes despite earnings hit from the oil price plunge triggered by the coronavirus pandemic

French energy giant Total says it commits to net-zero emissions by 2050.

According to Reuters, Total’s plan targets net-zero emissions across its global operations by 2050, and net-zero on all operations and energy products in Europe by 2050 or sooner.

Like other European supermajors that recently announced net-zero plans, such as BP and Shell, the French group is also sticking with climate goals despite the financial impact of a collapse in oil demand.

The new strategy includes a ramp-up in investments in low-carbon energy sources – from 10% of capital spend to 30% by the end of the decade.

“Energy markets are changing, driven by climate change, technology, and societal expectations. Total is committed to helping solve the dual challenge of providing more energy with fewer emissions,” said the company’s CEO Patrick Pouyanne in a statement.

Total’s net adjusted profit fell 35% in the first quarter compared with the same period last year to $1.78bn.

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