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TotalEnergies (TTE) & Sonatrach to Promote Renewables Usage
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TotalEnergies (TTE - Free Report) and Sonatrach have strengthened their partnership to enhance renewable energy production and contribute to energy security in Europe through liquefied natural gas (LNG) deliveries. The collaboration aims to increase natural gas production, explore renewable projects, and develop low-carbon energy solutions in Algeria.
TotalEnergies and Sonatrach aim to leverage Algeria's natural gas resources, contribute to European energy security, and promote the development of renewable energy projects within the country.
Importance of Renewables
In today's rapidly evolving energy landscape, renewable energy sources and LNG play pivotal roles in shaping the global energy mix. With growing concerns about climate change and the need to reduce greenhouse gas emissions, renewable energy has emerged as a crucial solution. Simultaneously, LNG has become a vital component in meeting the world's energy demands due to its cleaner burning properties and flexibility in transportation and storage.
Renewable energy sources, such as solar, wind, hydro and geothermal, offer significant advantages in terms of sustainability and environmental impact. They provide clean, abundant and inexhaustible resources that can power communities, industries and transportation without contributing to carbon emissions and other pollutants. As countries worldwide strive to transition towards low-carbon economies, renewables have become a primary focus for investment, innovation, and policy development.
As per International Energy Agency (IEA) report, over the 2022-2027 time period, globally 2,400 Gigawatts (GW) of renewable energy will be added to the existing capacity. The addition of a large volume of renewables in China, the United States, the European Union and India, among others, is the primary contributor.
It is evident from the above finding of IEA that the renewable market will provide ample growth opportunities to energy companies over the long term. As a result, big oil and gas companies have started to invest in the renewable space. Energy majors like Shell (SHEL - Free Report) , ExxonMobil (XOM - Free Report) and BP plc (BP - Free Report) are investing steadily to expand their operations in the renewable energy space.
Shell plans to add 50 GW of renewable generation projects to its portfolio and make a gradual transition toward renewable energy sources from conventional sources of fuel.
ExxonMobil has plans to invest $17 billion through 2027 to reduce carbon emissions. XOM focuses on carbon capture and storage, hydrogen and biofuels.
BP has come up with an aggressive energy transition plan to capitalize on the mounting demand for clean energy. 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 current capacity of 2.5 GW.
Price Performance
In the past year, shares of TotalEnergies have gained 13.5% compared with the industry’s 7.1% 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) & Sonatrach to Promote Renewables Usage
TotalEnergies (TTE - Free Report) and Sonatrach have strengthened their partnership to enhance renewable energy production and contribute to energy security in Europe through liquefied natural gas (LNG) deliveries. The collaboration aims to increase natural gas production, explore renewable projects, and develop low-carbon energy solutions in Algeria.
TotalEnergies and Sonatrach aim to leverage Algeria's natural gas resources, contribute to European energy security, and promote the development of renewable energy projects within the country.
Importance of Renewables
In today's rapidly evolving energy landscape, renewable energy sources and LNG play pivotal roles in shaping the global energy mix. With growing concerns about climate change and the need to reduce greenhouse gas emissions, renewable energy has emerged as a crucial solution. Simultaneously, LNG has become a vital component in meeting the world's energy demands due to its cleaner burning properties and flexibility in transportation and storage.
Renewable energy sources, such as solar, wind, hydro and geothermal, offer significant advantages in terms of sustainability and environmental impact. They provide clean, abundant and inexhaustible resources that can power communities, industries and transportation without contributing to carbon emissions and other pollutants. As countries worldwide strive to transition towards low-carbon economies, renewables have become a primary focus for investment, innovation, and policy development.
As per International Energy Agency (IEA) report, over the 2022-2027 time period, globally 2,400 Gigawatts (GW) of renewable energy will be added to the existing capacity. The addition of a large volume of renewables in China, the United States, the European Union and India, among others, is the primary contributor.
It is evident from the above finding of IEA that the renewable market will provide ample growth opportunities to energy companies over the long term. As a result, big oil and gas companies have started to invest in the renewable space. Energy majors like Shell (SHEL - Free Report) , ExxonMobil (XOM - Free Report) and BP plc (BP - Free Report) are investing steadily to expand their operations in the renewable energy space.
Shell plans to add 50 GW of renewable generation projects to its portfolio and make a gradual transition toward renewable energy sources from conventional sources of fuel.
ExxonMobil has plans to invest $17 billion through 2027 to reduce carbon emissions. XOM focuses on carbon capture and storage, hydrogen and biofuels.
BP has come up with an aggressive energy transition plan to capitalize on the mounting demand for clean energy. 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 current capacity of 2.5 GW.
Price Performance
In the past year, shares of TotalEnergies have gained 13.5% compared with the industry’s 7.1% 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.