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TotalEnergies (TTE) & Petronas to Build Clean Energy Projects
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TotalEnergies (TTE - Free Report) recently announced that it signed an agreement with Petronas’ unit Gentari Renewables Sdn Bhd, focusing on developing renewable energy projects in the Asia Pacific region. This agreement strengthens the partnership between TotalEnergies and Petronas, which are already collaborating in the upstream sector in eight countries worldwide, and further emphasizes their commitment to the energy transition.
Per the agreement, TotalEnergies and Gentari will collaborate on the development of the Pleasant Hills Solar Project in Queensland, Australia. This 100 megawatts (“MW”) solar project will provide low-carbon electricity to the gas production and processing facilities at the Roma field.
Renewable Projects Assist in Energy Transition
Renewable energy has become increasingly important in the global fight against climate change. As the world faces the challenges posed by greenhouse gas emissions and the depletion of fossil fuel resources, transitioning to renewable energy sources is vital. The TotalEnergies-Petronas collaboration signifies a shared commitment to decarbonizing energy production and achieving net-zero emissions.
TotalEnergies is gradually building a portfolio of renewable energy assets and is part of the ongoing energy transition. It strives to be a net-zero carbon emission company by 2050 and has taken the necessary steps to achieve the target. TTE aims to build a portfolio of gross installed capacity of 35 gigawatts (GW) by 2025. It has already signed long-term power purchase agreements for more than 20 GW. The company is gradually building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040.
Per International Energy Agency (“IEA”) report, global renewable capacity will touch 440 GW in 2023, increasing 107 GW from the year-ago levels. IEA expects global renewable capacity to touch 550 GW in 2024. So the rising demand for renewable energy will ensure high returns for the companies operating in the space.
Government incentives and awareness of the consumers are not only resulting in the development of utility-scale renewable projects, but many small projects are also coming up to meet local area needs. Oil and Gas companies like BP Plc. (BP - Free Report) , ExxonMobil (XOM - Free Report) and Chevron Corporation (CVX - Free Report) , among others, are investing on a consistent basis in renewable energy projects.
In a decade, BP has set an ambitious goal of developing 50 GW of net renewable energy generating capacity, representing a massive improvement from the 2.5 GW capacity the company has developed so far. By 2030, it plans to reduce emissions from operations by 30-35%.
ExxonMobil has plans to invest $17 billion through 2027 to reduce carbon emission. XOM focuses on carbon capture and storage, hydrogen and biofuels.
In 2022, Chevron acquired Renewable Energy Group. This deal will assist the company in achieving its 100,000 barrels of renewable fuel production per day by 2030.
Price Performance
In the past three months, shares of TotalEnergies have lost 0.6% compared with the industry’s 7.2% decline.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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TotalEnergies (TTE) & Petronas to Build Clean Energy Projects
TotalEnergies (TTE - Free Report) recently announced that it signed an agreement with Petronas’ unit Gentari Renewables Sdn Bhd, focusing on developing renewable energy projects in the Asia Pacific region. This agreement strengthens the partnership between TotalEnergies and Petronas, which are already collaborating in the upstream sector in eight countries worldwide, and further emphasizes their commitment to the energy transition.
Per the agreement, TotalEnergies and Gentari will collaborate on the development of the Pleasant Hills Solar Project in Queensland, Australia. This 100 megawatts (“MW”) solar project will provide low-carbon electricity to the gas production and processing facilities at the Roma field.
Renewable Projects Assist in Energy Transition
Renewable energy has become increasingly important in the global fight against climate change. As the world faces the challenges posed by greenhouse gas emissions and the depletion of fossil fuel resources, transitioning to renewable energy sources is vital. The TotalEnergies-Petronas collaboration signifies a shared commitment to decarbonizing energy production and achieving net-zero emissions.
TotalEnergies is gradually building a portfolio of renewable energy assets and is part of the ongoing energy transition. It strives to be a net-zero carbon emission company by 2050 and has taken the necessary steps to achieve the target. TTE aims to build a portfolio of gross installed capacity of 35 gigawatts (GW) by 2025. It has already signed long-term power purchase agreements for more than 20 GW. The company is gradually building a portfolio of low-carbon businesses that could account for 15-20% of sales by 2040.
Per International Energy Agency (“IEA”) report, global renewable capacity will touch 440 GW in 2023, increasing 107 GW from the year-ago levels. IEA expects global renewable capacity to touch 550 GW in 2024. So the rising demand for renewable energy will ensure high returns for the companies operating in the space.
Government incentives and awareness of the consumers are not only resulting in the development of utility-scale renewable projects, but many small projects are also coming up to meet local area needs. Oil and Gas companies like BP Plc. (BP - Free Report) , ExxonMobil (XOM - Free Report) and Chevron Corporation (CVX - Free Report) , among others, are investing on a consistent basis in renewable energy projects.
In a decade, BP has set an ambitious goal of developing 50 GW of net renewable energy generating capacity, representing a massive improvement from the 2.5 GW capacity the company has developed so far. By 2030, it plans to reduce emissions from operations by 30-35%.
ExxonMobil has plans to invest $17 billion through 2027 to reduce carbon emission. XOM focuses on carbon capture and storage, hydrogen and biofuels.
In 2022, Chevron acquired Renewable Energy Group. This deal will assist the company in achieving its 100,000 barrels of renewable fuel production per day by 2030.
Price Performance
In the past three months, shares of TotalEnergies have lost 0.6% compared with the industry’s 7.2% decline.
Image Source: Zacks Investment Research
Zacks Rank
TotalEnergies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.