French oil giant Total is preparing to rebrand to the name TotalEnergies in an attempt to signal a shift to clean and renewable energy sources for investors and consumers.
Total, founded in 1924, is set to propose the name change on May 28 during a shareholders general assembly. This follows with Total’s recent investments into wind and solar power, though investor sentiment has largely indicated that they need to move further into those areas to retain shareholders.
“The group is expressing its intention to transform itself into a multi-energy company to respond to the twin challenges faced by energy transitions: more energy and fewer emissions,” said chief executive Patrick Pouyanne
Total is expected to allocate 20% of this year’s investment budget towards renewable energy sources as well as various investments in electricity production and distribution. Despite this, environmental activists and supporters of initiatives like The Paris Agreement say that all fossil fuel projects must be scrapped if the world is to hit the net-zero carbon emissions goal of 2050.
Total is expected to present a climate resolution along with the proposed name change, which was something executives and shareholders objected to at last year’s meeting.
Other major oil companies around the globe have begun similar rebranding initiatives, with Denmark Dong changing their name to Orsted in 2017 and Norway’s Statoil rebranding under Equinor in 2018.