Total to Create $400mn "Carbon Neutrality" Fund
France’s Total announced on October 24 it would build a $400mn fund within five years’ time to invest in innovative technologies and solutions that help businesses reduce their energy consumption and carbon footprint.
The fund, known as Total Carbon Neutrality Ventures (TCNV) will support start-ups developing smart energy, energy storage, smart mobility, bioplastics and recycling, Total explained.
TCNV “supports Total’s ambition to become a responsible energy major,” CEO Patrick Pouyanne said. “It will allow us to expand the reach of our low-carbon businesses beyond our own borders.”
According to Total, the fund will build on the company’s existing portfolio of 35 global start-ups that “directly and indirectly contribute towards carbon neutrality.” That portfolio includes Solidia, Sunfire, Scoop, Shyft Power Solutions, Ionic Materials, MTPV, AutoGrid, Stem and OnTruck.
International oil and gas majors have come under pressure to do more to reduce their carbon footprints, as opposition to fossil fuels mounts.