TotalEnergies has announced an investment of about $60 billion in renewable energy projects between now and 2030 as part of its ambitious moves to deepen its energy transition space in the world.

The French oil and gas giant has concluded plans to unleash gas investment initiative to harness the potential in the gas industry. The projects are to be financed over a period of 10 years with Nigeria set to receive part of the funds to accelerate the energy transition.

The company’s executive general manager, Bunmi Poopla-Mordi,  made the announcement at a virtual news briefing on Wednesday.

She said with the investment, her company hopes to grow its renewable capacity to 100million gigawatts and five million biofuels.

Popoola-Mordi said Total had on May 28, 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.

She 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.’’