The Shareholders’ Newsletter #73 Spring 2024

Why is this publication so important to TotalEnergies?

Aurélien Hamelle / This report provides an instructive and transparent roundup of the progress achieved in 2023 and the implementation of our balanced transition strategy to an integrated multi-energy Company. Its release is a significant event in the Company’s calendar, because it presents our financial and non-financial results alongside our 2030 objectives and 2050 ambition. In other words, it presents the progress we have achieved and the next milestones. “More energy, less emissions” is no soundbite: it means serious commitments, a concrete action plan and material progress. Since 2015, we have reduced emissions from our operated sites, Scope 1 and 2, by 24%, and we are on track to reach our goal for a net reduction of 40% by 2030. We have posted even more impressive results in methane, a very powerful greenhouse gas, with a 47% reduction in operated emissions since 2020, and a target for 80% by 2030. We also help our customers to decarbonize their own energy use, with a 13% reduction in the life cycle carbon intensity of the energy mix we sell them since 2015.

How does the Company combine the energy transition with profitable growth?

A.H./ To meet the challenge of the energy transition while ensuring the rapid availability of reliable energy for the most affordable price, we have to invest in two energy systems at the same time. The energy system of today, that powers today’s society, and the energy system of tomorrow, based on electricity and low-carbon energies. That is precisely our strategy, which is balanced between two pillars: oil and gas, particularly LNG, on one side, and electricity, the energy of the transition, on the other. So we are continuing to develop new oil and gas projects, at low cost and low emissions, because the pace of the transition varies across the world. And at the same time, we are expanding our operations throughout the electricity value chain and investing massively in renewable energy projects in order to build a decarbonized electricity system. Thanks to both these pillars, we will increase our energy production by 4% a year up to 2030. That balanced transition strategy, diligently and consistently implemented for the last several years, allows us to achieve increasingly demanding targets for emissions reductions and to reduce the energy intensity of the products we sell to our customers, while continuing to post very robust financial results.

ENERGY PRODUCTION AND SALES