‘Life is like it is’: TotalEnergies CEO defends strategy despite calls to cut fossil fuel production
The chief executive of TotalEnergies defended the firm’s greenhouse gas emissions strategy, saying the company remains committed to oil and gas despite repeated warnings that increasing fossil fuel production will only make matters worse.
Speaking to CNBC’s Dan Murphy in Vienna, Austria on the sidelines of an OPEC conference, TotalEnergies CEO Patrick Pouyanne said Wednesday that the company had allocated nearly one-third of its capital expenditure to low-carbon technologies, with the remainder spent on oil and gas.
“We are in both pillars, and we will remain on both pillars [for a long time],” Pouyanne said.
“Today, our society requires oil and gas … Why we are together, it is 80% of fossil fuels. There is no way to think that overnight we can just eliminate all that and rely only on 10% of low-carbon energy. It will take decades to build a new system,” he added.
“So, we must do two things: To continue to produce the oil and gas, [while] of course being very strict on the emissions. The question is not fossil fuels, it is emissions, to lower the emissions.”
His comments come just over one month after French riot police fired tear gas at hundreds of climate activists trying to prevent the firm’s annual general meeting. Activist groups had pledged to try to stop the shareholder meeting from taking place to denounce the group’s fossil fuel expansion plans.
TotalEnergies CEO Patrick Pouyanne said the company had allocated nearly one-third of its capital expenditure to low-carbon technologies, with the remainder spent on oil and gas.
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The burning of fossil fuels, such as oil and gas, is the chief driver of the climate emergency. The world’s leading climate scientists, collated by the U.N.’s Intergovernmental Panel on Climate Change, have said tackling the crisis requires “immediate and deep emissions reductions across all sectors.”
The IPCC’s message, which was approved by governments across the globe, underscored the need for a substantial reduction in fossil fuel use to curb global heating, now at 1.1 degrees Celsius above pre-industrial levels.
U.N. chief Antonio Guterres, meanwhile, has warned that investing in new fossil fuel infrastructure is “moral and economic madness” and such investments will come to be seen as “a blot on the landscape and a blight on investment portfolios.”
‘Huge challenge’
TotalEnergies’ Pouyanne acknowledged criticism from climate campaigners that the company has not moved quickly enough to accelerate the energy transition, but said the “huge challenge” was to reconcile the security of supply with affordability and sustainability.
“If we don’t invest enough, the [oil] price will not be $75 per barrel, it will be $150 or $200 and all consumers will be super unhappy and our life will be a nightmare,” Pouyanne said.
“So … producing with strict new standards demonstrating that we can produce oil and gas in a very smart way with lower emissions. At the same, we invest in the new low-carbon energy, and we do it in a large way.”
He described the spike in energy prices in 2022 as a “catastrophe” following Russia’s full-scale invasion of Ukraine.
“So, let’s keep this balanced. It’s difficult. I know the scientists told us you should forget [fossil fuels] — but life is like it is. We must make that transition at the pace which can be accepted by the society. That’s also one condition of the success.”
Oil industry should set carbon targets at COP28
The protest at TotalEnergies’ AGM on May 26 came at a time of palpable frustration among climate activists during the proxy voting season, with demonstrations also taking place at British oil majors BP and Shell after an extraordinary run of record profits across the industry.
Investors at TotalEnergies’ shareholder meeting ultimately rejected an activist resolution calling on the company to align its climate targets with the landmark Paris Agreement and commit to absolute carbon emission cuts by 2030.
The resolution, filed by Dutch actvist shareholder group Follow This and 17 institutional investors with 1.1 trillion euros ($1.2 trillion) under management, received 30% of the vote, up from 17% the last time a similar vote was held in 2020.
Protesters outside the Salle Pleyel venue in Paris could be heard chanting “all we want is to knock down Total” and “one, two, three degrees, we have Total to thank.”
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Asked how the company can seek to convince skeptical observers following a shareholder rebellion over TotalEnergies’ greenhouse gas emissions strategy, Pouyanne replied: “I didn’t see a shareholder revolt. No, I saw an NGO revolt, which is not the same.”
“We have to respect the ideas of everybody,” Pouyanne said. “The point is that we have a strategy which is exposed to our shareholders — by the way, if I am listening to most of my shareholders, I think I would do more oil and gas and maybe less green. So, we try to find the right balance. Maybe we don’t satisfy everybody.”
TotalEnergies, which aims to become a net zero company by 2050, has pledged to reduce emissions from all of its products by 40% in 2030.
Pouyanne called on the world’s oil and gas companies to set targets to reduce emissions from methane, a potent greenhouse gas, at the COP28 climate summit — which will be held in the United Arab Emirates later in the year.
He also urged the oil and gas industry to adopt targets to cut greenhouse gas emissions from their own operations, known as Scope 1 and Scope 2 emissions, by 2030 at the U.N. summit. The vast majority of emissions, however, are generated by customers’ use of an oil major’s oil and gas, known as Scope 3 emissions.
We knew SUPER73 had something new coming soon based on recent teasers dropped on the e-bike brand’s social media pages. But after the big unveiling of the new SUPER73 MZFT late last week, riders and fans have seemingly been left with more questions than answers regarding the new electric two-wheeler.
SUPER73 took to the Moto Beach Classic in Orange County, California, to roll out its newest model, which had already drummed up hype for an expected new platform.
The company delivered on that promise, showcasing the MZFT with its new frame and features, including multiple battery options and locking storage under the flip-up seat. While some familiar features remain, such as the rear hub motor, wide dual-sport tires, and rigid frame/fork setup, the new platform definitely looks like a novel swing at a moped-style electric bike that stays true to SUPER73’s design legacy.
But beyond the obvious Class 2 sticker on the frame – indicating a top speed of 20 mph (32 km/h) and an included throttle – SUPER73 has been tight-lipped about any other specs. The result is an unveiling that has left many scratching their heads and asking, “But what is it?”.
Without any real sizing information, we’re left to speculate from the bike’s proportions. The bike certainly looks smaller than the large, rugged SUPER73 bikes that dominated the brand’s flagship lineup for years.
A photo with several young boys on the MZFT series seems to nail the target crowd, likely positioning the MZFT as a smaller, teen-friendly e-bike designed for the quickly growing teen boy e-bike market.
Many cities in the US are now home to groups of teenagers that ride e-bikes in packs. The trend has proven divisive, with some praising the electric two-wheelers for getting more youths outdoors and away from screens, while others bemoan the tendency for these ‘e-bike gangs’ to stray from strictly following the rules of the road.
For its part, SUPER73 has been relatively proactive with its response to criticism, focusing on ensuring its new models maintain street legal compliance and even pushing updates to older models that removed the ability to unlock higher speeds, even to the chagrin of much of the brand’s customer base.
If SUPER73 is targeting the tween boy crowd, it could be a shot at attracting those young riders before they get swayed over to Sur Rons and other non-street legal e-motos, instead drawing them into class-correct e-bikes that still invoke the fun moto-styling. One of the bikes in the image above even has two boys seated together, which would explain the apparent mounting point for additional pillion pegs on the rear chainstays of the frame (though no pillion pegs are visible in the photos or renderings).
For now, we can’t say for sure exactly what these MZFT e-bikes will be packing under the hood, and we will have to await more news from SUPER73 regarding sizing, performance, and other specs.
But whatever the MZFT turns out to be, SUPER73 says the bikes will be hitting retail stores on November 8th and will become available online by November 10th, so we should know significantly more by then.
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The average US new car price crossed the $50,000 mark for the first time in September, according to new estimates from Kelley Blue Book (KBB). Prices have been climbing steadily for over a year, and the pace picked up this summer – but that hasn’t stopped Americans from buying.
KBB says September’s record average transaction price (ATP) was partly driven by luxury models and EVs, which pushed the market into record territory. EVs made up an estimated 11.6% of all new vehicles sold last month, which is also a record high. The average EV sold for $58,124 – up 3.5% from August’s adjusted figure.
In Q3, EV sales hit another milestone: 437,487 EVs were sold in the US, giving them a 10.5% market share. That’s nearly a 30% jump from the same period last year. With government-backed EV incentives expiring at the end of September, many buyers hurried to lock in their purchases.
Year-over-year, the average EV transaction price is basically flat, down just 0.4%. Incentives averaged 15.3% of ATP in September, or about $8,900 per vehicle – slightly lower than August but higher than a year ago, when incentives averaged 13%.
Tesla, which continues to dominate the EV market, saw an average ATP of $54,138 in September. That’s a slight dip from August and down 6.8% from a year earlier. With Tesla recently introducing the new Standard versions of the Model 3 and Model Y, KBB expects average prices across the segment to fall in the coming months. Erin Keating, executive analyst at Cox Automotive, thinks the market is “ripe for disruption.”
“It is important to remember that the new-vehicle market is inflationary. Prices go up over time, and today’s market is certainly reminding us of that,” said Keating. “The $20,000 vehicle is now mostly extinct, and many price-conscious buyers are sidelined or cruising in the used-vehicle market. Tariffs have introduced new cost pressure to the business, but the pricing story in September was mostly driven by the healthy mix of EVs and higher-end vehicles pushing the new-vehicle ATP into uncharted territory.”
Read more: US EV sales smash records in August as Tesla loses ground
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It’s official. The Genesis GV70 is about to get two new electrified options, including its first hybrid and extended-range (EREV) versions.
Two new Genesis GV70 electrified SUVs are coming soon
Genesis is turning 10, and it’s planning to go all out. Hyundai gave us a look at what’s coming last month during its CEO Investor Day.
The plans include Genesis expanding with new electrified powertrain offerings, including its first hybrid and extended-range electric vehicles.
Up until now, the luxury automaker has focused on fully electric (EV) or internal combustion engine (ICE) vehicles. By expanding into different electrified powertrains, Genesis hopes to attract new buyers to the brand while grabbing a bigger share of the luxury market.
Genesis will launch its first hybrid in 2026, the GV80. We knew the GV70 EREV would follow shortly after, but now it’s been confirmed that a hybrid model is also set to join the lineup.
We got our first look at the Genesis GV70 EREV last week. The vehicle was parked in South Korea and appeared to be nearly identical to the current model. Aside from a tag labeling it an EREV and a massive muffler at the back, it looks about the same as the Electrified GV70.
Now, we are finally getting a glimpse of the Hybrid version. The Genesis GV70 Hybrid was also caught by HealerTV in South Korea, this time with an HEV tag.
Like the EREV, the GV70 Hybrid is still covered in camouflage, but this time, you can see the vehicle has the brand’s sport package. The optional package adds sporty exterior and interior elements, including chrome around the Crest Grille and window trim.
The vehicle is still a prototype, so it could change by the time it reaches production form. However, as the reporter points out, the GV70 Hybrid could bring a unique new look to the GV70 series.
On the side of the tire, the letters “FL” are printed, which is typically shown on Hyundai vehicles set to receive a facelift.
Genesis is expected to launch the GV70 EREV in late 2026, followed by the Hybrid version sometime in early 2027.
According to Hyundai, the EREV will have a combined driving range of over 1,000 km (620 miles). Although it still runs on an electric motor, it will feature a small gas motor that acts as a generator to charge the battery and extend the driving range.
Genesis is betting on new electrified vehicles, including EVs, hybrids, and EREVs, to drive growth. The luxury brand aims to expand into up to 20 new European markets while gaining a bigger share of the US market. By 2030, Genesis aims to sell 350,000 vehicles.
Although it had planned to only offer fully electric vehicles from 2030, Genesis backed off on its commitment. Instead, it will use hybrids and EREVs as a bridge to an all-electric future.
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