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TotalEnergies sticks to 2030 goal for Scope 3 emissions

By Reuters_News

15:22, 21 March 2023

A file photo shows TotalEnergies logos at a fuel station in Nice, France, October 10, 2022.
A file photo shows TotalEnergies logos at a fuel station in Nice, France, October 10, 2022.

Adds details, graphic

- French oil major TotalEnergies TTEF.PA forecasts emissions from customers' using its products will be below 400 million tonnes of CO2 equivalent (C02e) by 2030, it said on Tuesday, implying little change from its overall emissions last year.

End-user emissions, referred to as Scope 3, stood at 389 million tonnes CO2e last year, the company said. They account for about 91% of the energy company's greenhouse gas pollution and some investors and activists had urged the company to aggressively cut them.

In a climate update on Tuesday, TotalEnergies said it aimed to reduce emissions from its oil products by 40% in 2030 from 2015 levels, increasing its reduction target from the 30% announced last year.

But the overall target for Scope 3 emissions, which include those from the combustion of all fuels TotalEnergies sells including gas, remained at less than 400 million tonnes CO2e by 2030.

Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to have any hope of meeting Paris Agreement goal of keeping global warming well below 2 degrees Celsius above pre-industrial levels.

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Reporting by Benjamin Mallet Writing by Silvia Aloisi
Editing by Mark Potter

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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