Total’s transition strategy starts to bear fruit

French major recorded a loss for the pandemic-hit year but made important advances in renewables

After posting better-than-expected fourth-quarter results, Total is focusing on its transition to becoming a broad energy company in 2021, building up its business in renewables, electricity and carbon capture and storage (CCS). The major is trying to future-proof itself by becoming a broad energy company and is hoping that, over the next ten years, oil products will fall from 55pc to 30pc of its sales. As part of the transformation, Total will propose to its shareholders at the Annual General Meeting on 28 May that it changes its name to TotalEnergies. The company spent $2bn in 2020 investing in its renewable strategy, adding 10GW to its portfolio. Gross installed renewable power generation