FSLR - Pouyanne blames policy makers for the energy crisis
"Oil and gas companies that have listened to policymakers' calls for less investment in fossil fuels is one of the reasons for current globally tight energy supplies" TotalEnergies (TTE) CEO Patrick Pouyanne said Tuesday. Total (TTE) has committed to investing ~$3.6b per year in renewables and power through 2025, more than 3x the current investment run-rate of low-carbon leaders like First Solar (FSLR); however, unlike BP (BP) and Shell (SHEL), Total (TTE) has also committed to growing oil production (USO) through 2025. With the White House scouring the world for energy supplies, from Venezuela to Iran and Saudi Arabia, while companies in the UK and US face policy headwinds at every turn, the statement appears well founded. However, Mr. Pouyanne's comment may mark a shift in the industry - after reducing investment in fossil fuels for nearly a decade in hopes of winning favor with policy makers and ESG investors,
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Pouyanne blames policy makers for the energy crisis