TotalEnergies to invest $60 billion into the renewable project in Nigeria

TotalEnergies (formerly Total) has announced a new investment of $60 billion that will benefit Nigeria. As the company moves towards becoming one of the world’s top five organisations in renewables by 2030, a portion of the funds will be specifically for Nigeria’s renewable sources of energy.

The French oil and gas giant has concluded plans for the financing that will be allocated over a period of 10 years to accelerate the energy transition in Nigeria.

According to the News Agency of Nigeria (NAN), this disclosure was made by the Executive General Manager, Total Country Services, Bunmi Popoola-Mordi, on Wednesday at a virtual news briefing.

Popoola-Mordi said the company had on 28 May 2021, transformed into TotalEnergies as an active player in the global energy transition and is committed to combating climate change adding that the oil firm has a target of reducing its carbon emission by 40% in 2030 with the goal of getting to zero carbon emission by 2050.

Popoola-Mordi said TotalEnergies would continue to invest in oil, natural gas, electricity, hydrogen, biomass, wind and solar. As reported by NAN, the executive noted that as part of the transition for the oil firm, TotalEnergies would soon commence the rebranding of all its filling stations across the country to reflect the new name, logo and direction.

She said, “Energy is life. We all need it and it’s a source of progress to contribute to the sustainable development of the planet facing climate challenges. We are moving forward together toward new energies. Energy is reinventing itself, and this energy journey is ours. Our ambition is to be a world-class player in the energy transition. That is why Total is transforming and becoming TotalEnergies. This new name and new visual identity embody the course TotalEnergies has resolutely charted for itself. TotalEnergies is a broad energy company committed to producing and providing energies that are ever more affordable, reliable and clean.”

Also, the Country Communications Manager, Total Companies in Nigeria, Charles Ebereonwu, said the company was operating in about 130 countries and had been in operations in Nigeria for over 60 years.

Ebereonwu noted that Nigeria was key to TotalEnergies’ transition due to its abundant gas resources and sunlight for solar projects.

He said 77 TotalEnergies filling stations had been solarised already, adding that the company would also key into the Federal Government’s Decade of Gas Development initiative to further drive the objective.


Leave a Reply

Your email address will not be published. Required fields are marked *