Total announces maximum renewable energy target for 2030

    According to a report on the US drilling website on May 19, 2021, Rystad, a well-known energy research and business intelligence company in Norway, said that British Petroleum (BP) and Total of France have announced that they will be the largest company by 2030. And emphasized that the two companies’ target is 50 gigawatts of Solar Panel For Electricity production capacity.

    This production capacity is more than twice that of other oil giants in the same period. Eni, Shell, Equinor and Repsol all have renewable energy production targets below 20 GW, and Portugal’s largest energy company Galp has a target of 10 GW. , Chevron’s goal is well below 5 gigawatts.

    Vegard Wiik Vollset, Vice President of Rystad Renewable Energy, said: "If we regard BP and Total’s goal of 50 GW by 2030 as their renewable energy investment benchmark, these two companies will achieve their goals in renewable energy. Before the target, it will have to spend approximately US$5 billion to US$6 billion on new projects each year."

    Vollset emphasized that by contrast, BP’s planned capital expenditure (CAPEX) on oil and gas projects by 2030 is US$8 billion per year, and Total’s planned capital expenditure on oil and gas projects by 2030 is about 100 per year. One hundred million U.S. dollars.

    According to the above data, on average, BP’s annual oil and gas expenditure will be 37.5%, which is 25% higher than its annual renewable energy expenditure by 2030, while Total’s annual oil and gas expenditure will be 50%. %, which is 40% higher than its annual renewable energy expenditure by 2030.