Total stands out as the one western oil and gas major that is not only accepting the doctrine of climate change, but actually hedging against it. In May, it made its second billion-dollar investment in renewable energy, buying battery maker Saft Groupe. It had bought 66% of solar panel maker SunPower for $1.4 billion in 2011. Patrick Pouyanné, who succeeded Christophe de Margerie after the latter’s fatal airplane accident in 2015, says he wants 20% of Total’s assets in low-carbon energy by 2035. That’s not sparing it from asset disposals and budget cuts in the short run though.
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European legislators believe they can bypass U.S. withdrawal from the Iran deal. But skepticism abound among business leaders, even as global society comes closer together, Vivienne Walt reports.
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“The risks of being on the wrong side of the U.S. government are not worth the benefits."
The aerospace, energy and automotive sectors are all affected.
It's the French company’s biggest acquisition since 1999.