TotalEnergies SE TTE along with BP p.l.c. BP, Equinor ASA EQNR, and Shell PLC 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 EIPX and Octane All-Cap Value Energy ETF OCTA.
Price Action: TTE shares are up 0.79% at $60.95 at the last check Friday.
Image via Pixabay
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