TotalEnergies unveils 2024 strategy with focus on growth and lower emissions

French energy major TotalEnergies has presented its Strategy & Outlook for 2024, outlining ambitious plans for the next six years. Under the theme “More Energy, Less Emissions, More Free Cash Flow,” the company aims to grow energy production by 4% annually through 2030 while significantly reducing emissions. CEO Patrick Pouyanné and the Executive Committee detailed the company’s transition strategy during a presentation in New York on October 2.

Key pillars of the plan include a focus on oil, gas, and electricity, with an emphasis on liquefied natural gas (LNG) and renewable energy. TotalEnergies intends to reduce Scope 1 and 2 emissions by 40% by 2030 compared to 2015 levels and cut methane emissions by 80% from 2020 levels. The company expects to reduce the carbon intensity of its energy sales by 25% by 2030.

In addition to environmental goals, TotalEnergies plans to generate more than USD10 billion in free cash flow growth by 2030, with USD8 billion in share buybacks in 2024 and USD2 billion per quarter in 2025.

Pouyanné emphasised TotalEnergies’ commitment to a multi-energy strategy that is designed to balance growth and sustainability. He explained that by prioritising liquefied natural gas (LNG) and renewable energy, the company is positioned to address future energy needs while simultaneously working to reduce emissions and promote long-term environmental responsibility.

TotalEnergies confirmed its investments will range between USD16-18 billion annually through 2030, with USD5 billion dedicated to low-carbon energy projects. The company aims to continue share buybacks and increase dividends by at least 5% in 2025.