By Adedapo Adesanya
Total Nigeria Plc has formally changed the company’s name to TotalEnergies Marketing Nigeria Plc, a notice sent to the Nigerian Exchange (NGX) Limited on Thursday has confirmed.
The disclosure signed by Mrs Bunmi Popoola-Mordi, the company secretary (Executive General Manager), said that the shareholders of Total Nigeria authorised the name change on August 19, 2021.
“The name change is accompanied by a new visual identity for all of our activities, aimed at anchoring our transformation to a multi-energy group, such transformation being based on a development strategy of two pillars, gas and renewable electricity, as well as the underlying ambition of a transition to carbon neutrality by 2050,” the note said.
“The company has successfully completed the regulatory processes for the change of name. Henceforth, the company is to be known as TotalEnergies Marketing Nigeria Plc,” it added.
This is coming after the French energy giant approved, almost unanimously, the resolution to change the company’s name to TotalEnergies, reflecting its strategic transformation into a broad energy company.
In tandem with this name change, TotalEnergies adopted a new visual identity.
Globally, TotalEnergies’ objectives include reducing its direct emissions to net-zero by 2050, in line with other IOCs such as BP, Shell and Equinor, and reducing the share of oil product sales to 35 per cent by 2030, with the share of gas rising to 50 per cent and electrons to 15 per cent.
The firm aims to be among the world’s top five in renewable energies by 2030, with $60 billion in renewable projects to be financed over 10 years.
The move comes as oil and gas organisations are under increasing pressure to reduce emissions and accelerate the energy transition to green energies and are stepping up investments in low carbon energies such as renewables, biofuels and hydrogen.
It follows the landmark ruling of a court in the Netherlands that Shell must cut its CO2 emissions by 45 per cent compared to 2019 levels by 2030, and the release of the IEA’s Roadmap to Net Zero by 2050 report.
Business Post understands that to reach this target there must be no investment in new fossil fuel supply projects, no further final investment decisions for new unabated coal plants and an end to sales of new internal combustion engine cars by 2035, along with annual additions of solar PV to reach 630 gigawatts by 2030, and those of wind power to reach 390 gigawatts, together four times the record level set in 2020.
Modupe Gbadeyanka