TotalEnergies Joins BP, Equinor, And Shell In $500M Drive For Global Energy Access
Lekha Gupta 1 year ago
EquitiesLarge CapNews
Four energy companies pledge $500M for UN SDG7, investing in energy access solutions for underserved communities in Africa and Asia.
TotalEnergies SE (NYSE:TTE) along with BP p.l.c. (NYSE:BP), Equinor ASA (NYSE:EQNR), and Shell PLC (NYSE:SHEL) pledged a $500 million joint investment to support UN Sustainable Development Goal 7 (UN SDG7).
The companies jointly decided to invest in projects addressing energy access challenges, focusing on underserved communities in Sub-Saharan Africa, South, and Southeast Asia.
The initiative will support solutions such as solar home systems, mini-grids, clean cooking technologies, and enabling innovations like e-mobility and energy storage.
The investment also seeks to generate co-benefits, including job creation and improved health outcomes.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, “Furthermore, we are committed to investing 400 million dollars in Liquefied Petroleum Gas facilities to develop clean cooking solutions in Africa and India, which will help 100 million people access healthier, more sustainable and, more reliable energy.”
”With this new joint initiative with our peers, we are activating another lever to contribute to high-impact local projects to help achieve the United Nations Sustainable Development Goal 7 by 2030."
This month, TotalEnergies signed a 15-year agreement with Sinopec to supply 2 million tons of LNG annually, starting in 2028.
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and Octane All-Cap Value Energy ETF (NASDAQ:OCTA).
Price Action: TTE shares are up 0.79% at $60.95 at the last check Friday.
Image via Pixabay
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