Total SA unveiled plans on Feb. 9 to rebrand to “anchor its transformation” away from the oil business in an energy transition push, CEO Patrick Pouyanné said.

The French oil major last year joined many of its peers in setting targets to reach net-zero carbon emissions by 2050. In order to reach the net-zero ambitions, Total plans to reduce its dependence on oil and shift towards electricity and renewable energy.

Alongside plans to boost investment in the electricity and renewables segment in 2021, Total is aiming to reduce oil products to a third of its sales from over half now. In a release on Feb. 9 announcing better-than-expected earnings in the fourth quarter, Total said it is proposing to change its name to TotalEnergies to reflect this targeted transformation.

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