France’s largest firm rebranded from Total to TotalEnergies in 2021 in reflection of its ongoing diversification from oil into gas and renewables. Its commitment to the latter is notable among traditional energy firms, with an installed capacity of 22 GW of renewable electricity generation at the end of 2023, and a target to reach 35 GW by 2025 and 100 GW by 2030. For context, the installed capacity of the whole of the U.K. is currently just under 58 GW. Total is headquartered in Paris, but employs around 100,000 workers in over 120 countries, with a focus on Europe, the Middle East, Africa and Asia.
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TotalEnergies is perhaps the least known of the five so-called Big Oil giants, in large part because it doesn’t own U.S. gas stations. But, as the oil and gas industry more broadly retrenches from renewable power and doubles down on fossil fuels, the French energy behemoth has quietly emerged as the industry’s clean energy leader.
In less than 15 years, Total has built or acquired more than 30 gigawatts of renewable energy capacity—mostly solar power—with the aim of hitting 100 gigawatts by 2030 amid a rapid global buildout from the U.S. to Europe to India. That goal is enough to power roughly 75 million homes annually.
Earlier this year, Total paid nearly $2 billion to acquire the German renewables developer VSB Group. Chairman and CEO Patrick Pouyanné has called the integrated power business—led by renewables—the “second pillar” and fastest-growing part of the company, even as its oil and gas production volumes continue to rise.
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