TotalEnergies Energy Outlook 2022 TotalEnergies Publishes its Annual Contribution to the Energy Transition Dialogue
In view of the forthcoming COP27, the multi-energy Company TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) aims at improving the understanding of the global energy system and thus contributing to the Energy Transition debate with its annual publication, the TotalEnergies Energy Outlook 2022 (document available at this link).
TotalEnergies Energy Outlook 2022
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Published for the fourth consecutive year, the TotalEnergies Energy Outlook 2022 reexamines the two core scenarios – Momentum and Rupture – elaborated by TotalEnergies to achieve the energy transition by 2050, taking into consideration current energy markets and societal trends. It also integrates new Net Zero pledges made since the presentation of last year’s Energy Outlook in September 2021, thus strengthening global climate ambition.
- TotalEnergies’ Momentum scenario is a forward-looking approach based on existing decarbonization strategies of Net Zero 2050 countries, as well as NDCs (Nationally Determined Contributions) of other countries. In addition to major economies like the US, European countries, Japan and South Korea, Momentum incorporates this year new Net Zero 2050 pledges from Australia, Singapore, Taiwan and the UAE. The increasing number of countries with carbon neutrality commitments by 2050 following the COP26 in Glasgow is excellent news for the climate but still results in a 2.1-2.3° temperature increase by 2100 in our models (using IPCC curves AR6 P66).
- TotalEnergies’ Rupture isa scenario built to reach the objectives of the Paris Agreement by 2050, with temperatures’ rise well-below 2°C (P66) vs. pre-industrial levels. It involves dissemination at large-scale of decarbonization drivers to all emerging economies, the construction a new low carbon energy system at a global scale while gradually transitioning from the existing one. It will not happen without richer countries supporting emerging ones by promoting a just energy transition (via investments, technology transfers, training…) with a funding at least at the level forecasted in the Paris agreement (100 B$/year from 2020).
- By extending a combination of levers already applied in the Rupture scenario onwards to all countries around the world, the TotalEnergies Energy Outlook 2022 gives a Rupture+ scenario, which allows to limit the temperature rise to 1,5°C (P50). Oil demand in 2050 is comparable to IEA NZE but the trajectory to reach this target is different as new oil projects are still needed until the mid-2030s to meet demand and avoid prices spikes.
“Current energy markets disruptions have reinforced the necessity of dialogue on a global basis about the energy transition, involving worldwide participation of all actors of the society” declared Patrick Pouyanné, Chairman and CEO of TotalEnergies. “With this document, in line with our climate ambition to get to Net Zero by 2050 and our ongoing transformation into a multi-energy company putting the sustainable development goals at the core of our strategy, TotalEnergies intends to share its knowledge of the global energy system, in order to contribute to the decisions that will foster the energy transition and help to tackle climate change.”