Our view

1Q24 results saw TotalEnergies continue to build-out its peer leading renewables pipeline and a promising Integrated Power business showing signs of profitability.

However, the company has one of the most aggressive oil and gas growth strategies behind Eni, and the least ambitious emissions targets alongside Equinor compared to peers.

Investors engaging with TotalEnergies should ask for: 

1. Disclosure of the complete scope of emissions from energy product sales, including all physically traded and third-party volumes (in line with BP and Shell).

2. A move away from reliance on offsets, CCS and divestments to achieve scope 1 & 2 target.

3. A further breakdown of marketed power sales in its Integrated Power business, including the proportion of power sales from renewables vs fossil fuels, as well as guidance/ambition for the electrification of gas clients.

4. Quarterly disclosures for its Low-carbon Molecules business, to track progress of its progress against its Low Carbon Energies (Integrated Power + Low-carbon Molecules) capex target of 33% group spend.

Key findings