Climate Adaptation
Total to Replace Refinery With Clean-Fuel, Plastic Plants
- Grandpuits facility near Paris will end oil processing in 2021
- Cost of new plants to top 500 million euros, energy giant says
Photographer: Balint Porneczi/Bloomberg
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Total SE will halt oil refining in the Paris region and spend more than 500 million euros ($582 million) by 2024 replacing its facility with renewable-fuel and bioplastic plants.
The decision reflects rising demand for greener energy and products, as well as a commitment by Total to reduce its exposure to hydrocarbons and curb carbon emissions. The French energy giant, like its European peers Royal Dutch Shell Plc and BP Plc, has come under increasing pressure from governments, consumers and investors to step up measures to tackle climate change.