TotalEnergies SE Chief Executive Officer Patrick Pouyanne is bullish on pushing his company into renewable energy even as the Russian invasion of Ukraine shakes up the global energy market.
The French oil major is increasing spending on renewable energy and on reducing its emissions next year to 33% of annual capital expenditure, compared with 25% going into clean power this year, the company said Wednesday in a presentation.
The plan comes against a backdrop of record oil and gas earnings for the world’s biggest energy companies this year, which has made them star performers amid a broader malaise across equities markets. Europe’s energy crisis and its scramble to replace Russian natural gas supplies has also fueled a debate over whether energy security should be prioritized over environmental targets.
