Oil and Gas Giant Total has rebranded. The company’s Board of Directors has approved a new name for the company. The new name is to capture its desire to invest in renewable energy. The new name for the company is TotalEnergies.
The news was shared via the company’s website. It was disclosed via video by the President/Director-general Patrick Pouyannes.
He said the company’s new name amplifies the dynamics that the company has collectively and resolutely launched. He said that the decision was based on the company’s values and history.
He further explained that the change in name shows the company’s stakeholders the path the company is taking. He said he had no doubt that TotalEnergies will be the emblematic brand of the collective ambition of the company and stakeholders, and that the new name will be the banner under which they will achieve future successes.
The company has decided to diversify into renewable power and and production of energy. The company had a huge turnout in the fourth quarter of 2020 after oil prices had stabilised, earnings turned out to be better than expected.
The company had suffered just like its other rivals after the coronavirus pandemic. The company’s decision to rebrand marks its intention to reduce oil products to a third of its sales now and focus on renewable energy. The demand for crude oil products is expected to fall with time as technologies like electric cars would replace the need for cars that use gas. The company’s decision is in a bid to meet up with the future which is slowly moving away from oil and gas.
The company’s rebranding would have a huge impact on the environment. Patrick Pouyannes said that proposing this name change to shareholders means the company was also fundamentally asking them to approve this change in strategy. The company said that it has already making efforts towards its new drive and it has already spent more than $2bn on acquisitions in the renewables sector in 2021, and planned to spend 20% of its investment budget for 2021 on this drive, up from about 15% in 2020.