Patrick Pouyanne, the CEO of French oil giant TotalEnergies, acknowledged the sector’s contribution to climate change but emphasised the industry’s “continuous progress” in addressing the issue. Speaking on the sidelines of “Energy Day” at the UN COP29 climate talks in Azerbaijan, Pouyanne admitted that the oil industry is “part of the problem,” but stressed that it was committed to making ongoing improvements.
Pouyanne is among several oil executives attending the COP29 discussions, and his day began with a panel at Azerbaijan’s pavilion alongside the head of the state-owned oil company Socar and representatives from the Environmental Defense Fund.
The French executive highlighted an agreement reached at COP28 in Dubai to transition away from fossil fuels, calling it an “important signal” but cautioned that such a shift would not happen immediately. “We mustn’t think that in six months, a year, everything will stop,” he said, pointing to the continued demand for gas in Europe.
He underscored that progress in the energy transition would come “step by step” and that all stakeholders must be involved in the process.
TotalEnergies and Socar announced plans to collaborate on reducing methane emissions, a potent greenhouse gas often released from gas extraction sites. More than 50 oil and gas companies, including TotalEnergies, have pledged to achieve “near-zero” methane emissions by 2030, accounting for 45 percent of global oil and gas production.
Pouyanne argued that by taking action, these companies could set a positive example for others, including state-owned oil firms that may lack the necessary resources and transparency to tackle emissions.
However, a report released Thursday by the Carbon Tracker think tank revealed that major oil and gas companies’ climate pledges contain significant loopholes, potentially undermining efforts to address the climate crisis.
