Ago, we have built the business and mission for the group. We then committed, committed to produce, to transform and to distribute energy while respecting the best standards in terms of safety and the environment. It is together that we have changed our energies that we've become the 2nd LNG player in the world. It is also together by combining our That we have developed ourselves in electricity that we are operating solar plants and wind farms and that we're offering sustainable mobility to our customers. But we have an ambition to go further.
With society, we want to become a champion of profitability, Producing in an innovative and profitable way. It is with you that we want to get to carbon neutrality. It is with you that we also want to develop solutions for CCOS. We're accelerating our development on the whole electricity value chain, especially for renewables, and we're going to become a reference player for biofuels. We'll continue to do all of this because of our competencies, our commitments and our common values.
Our ambition is also changing and it's guiding our transformation because it is essential for our customers, because it is essential for Total, Because it is essential for society and for the planet. This ambition, we're continuing to build it together. Ladies and gentlemen, Dear shareholders, good morning. I am delighted with Marie Christine Coine Roquette, your Senior Director as well as Jean Pierre Spreire, Who is the finance the CFO to welcome you to this meeting of the shareholders. I hope that you're all healthy In this context with the pandemic, given the administrative measures limiting the gatherings for health reasons, Your board has decided according to the legal and regulatory standards to hold this From the head office in La Defense, we have taken this decision to avoid exposing The shareholders to health risk and we want to also make it equitable because we have to respect Physical distanciation and we cannot have the same number as we do usually.
No admission card was And you were all welcome to vote prior to this meeting via the Internet or via vote access Or sending back the form or by giving amended. You were very numerous to vote and I'm thanking you for this. Allowing the shareholders to take part in the significant decisions for the company, this General Assembly is a strong moment of shareholder democracy. And to preserve it, we've implemented the means to facilitate Your remote participation, you can follow this in live on our website, totaldot questions in line via total.com from a dedicated platform that has been accessible since the 24th May 2021. Like every year with Marie Christine, Coine Rocket and Jean Pierre Braire, I will dedicate 1 hour to take as many questions As possible from the ones you've asked, the members of the Board are also connected remotely.
A notary is present and is taking part in this meeting. I would like to welcome all of the shareholders and interested party wherever they are and I declare this session open. We are going to constitute the bureau for this General Shareholders Meeting. I would like to thank FCPE represented by Mr. Didier Jamois as well as the company Amundi represented by Mrs.
Caroline Lemont, who will be the assessors. So they were representing the largest number of votes. So they are currently in the room with us, and I thank them for it. I am declaring the bureau open, and I want to nominate Jean Pierre Zbrau, your CFO, as Secretary of this bureau, I want to inform you that the legal documents attesting of the regularity of the invitation were filed. I am not going to mention them 1 by 1.
Many of you expressed your votes before this assembly Via letters or through the vote access platform. More than 87% of the shareholders have used vote access and we thank them and we encourage you to be even more numerous to use the system. According to the quorum, 31,486 shareholders have expressed their vote. They are 1 representing 1,000,000,000,000,000,000, 2.42 527 shares with the number of votes being 1,764,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000, To EUR102,000,000. This is above the quorum that is required to deliberate as an ordinary an extraordinary shareholder meeting.
So we are regularly constituted. Once again, this assembly is meeting to deliberate To the points on the agenda that is mentioned on Page 4 of the brochure that is made available on the website of tatel. Under the tab General Assembly, I am not going to read all of the resolutions at this time. I am now with Marie Christine Guenroquette present to you the various topics that we would like to broach with you. First of all, I'm going to give you the results for 2020, but also the implementation Of the transformation of this group into a broad energy company as well as the ambition of the company to become carbon neutral.
Then Marie Christine Coinroquette, your Senior Director, will talk about the governance of your company, and she will present the missions that she has been undertaking as Senior Director over the year as well as the balance of governance within the company. She will present to you the main conclusions of the meetings that she's had with institutional shareholders in March And she will talk about what your Board has been doing in 2020 as well as the elements of compensation of your CEO. Before I continue, I wanted to show you a video illustrating the way in which the group has continued Of our employees, partners and clients is always at the heart of our concerns as well as safety which is one of the values of the group. Ladies and gentlemen and dear shareholders, once again, welcome. I hope that many of you are following This General Assembly live on our website.
Of course, you imagine, I would have preferred to all be gathered together in the same place to share together This important moment for your company. But again, the priority was to preserve everybody's health and this led us to hold this assembly once again remotely. We have organized it in order to open this to your to you. We have more than 4.50 questions, even 500 questions in the evening. And we wanted to preserve that way Because it demonstrates our collective will to invent a new Total, a broad energy company that is going to be a major player for energy transition.
The strategy is going to be anchored in its name, the name of your company, Total Energies with 2 capital letters, the T and the E and a plural with an s at the end and also and you'll discover it today a new logo linked with this new name. Beyond showing you what we did in 2020 in the exceptional context of the pandemic and its economic consequences, Over the next minute, I'm going to describe how 2020 was a pivotal year for Total with the decision of your board to transfer Total in a broad energy company with the reason of being to meet the dual challenge of satisfying the needs for energy of an increasing global population that aspires to have a better living conditions while limiting climate warming. This means reinventing energy, reinventing the way we produce it, but also reinventing the way we consume energy to get to carbon neutrality by 2,050 together with society. Total has the means and the size. It's also relying on the competencies of 100,000 employees to play its full role in the energy revolution.
It is a revolution because we are changing scales. If collectively we choose To be carbon neutral for our planet by 2,050, we'll need the mobilization of everyone. But To begin with, as is traditional in a general assembly, I want to come back to 2020 and its financial results that once again have demonstrated the resilience and the solid fundamentals of Japan. This year was impacted by a major health crisis. It's still the case in 2020.
This has upset the way in which we work. It has rattled the global economies and it has put us in a situation That nobody could imagine. Our first responsibility was to diminish these impacts for our employees, Our clients, our suppliers and our shareholders, beyond the protection of our employees all over the world, which was our first priority, We made sure that our business continuity kept up with serving our customers by supplying them energy products that were vital for them. I'm proud of the work of their teams that were able to upkeep our operations throughout the world on our platforms, in our production plants or in our distribution. In spite of the crisis and the need to reduce our spend when faced with the collapse of the price of oil and gas, we've decided to trust ourselves and to work without having a recourse to state helps.
We've decided to protect work without having a redundancy plan unlike all of the other majors. We have decided to make a deliberate choice to mobilize all of our employees on energy transition. Last year, during our general assembly at the end of May, I showed you the action plan that we had started in March 2020 that aimed to control our expenditures and some investments by reducing them while protecting the growth of TOTAL in a context of the crisis linked to the pandemic And of the crisis of the price of oil and gas, the price of oil having gone down below $20 over the second quarter, The refining margins were also at a historic low, and they still are in a context where demand is only growing slowly. In this very difficult context, because of our strong fundamentals and our solid balance sheet, our portfolio that we've been remodeling since 2015 with assets that have breakevens below $30 per barrel, production costs that are the lowest in the industry at $5 per barrel and an integrated model between production and transformation of energy, our group has demonstrated Its resilience with cash flow generation of close to EUR 18,000,000,000, a production of 2,900,000 barrels per day With a decrease of 5% because we have respected the OPEC plus quotas, We were almost happy to decrease this production because this OPEC decision has had A positive impact on the price of hydrocarbons.
So the net OI is now at $4,900,000,000 It has resisted because of the action plan that we have resolutely implemented. Our breakeven, which allows us to fund our organic investments, also allowed us To work in coherence with our climate ambition, we've had depreciation of assets for $10,000,000,000 This has led us to have an NOI that had $7,000,000,000 less. This is due to the review of the assets Of our gas and oil assets that had long plateaus. So we had The bituminous sands that were involved in this and the group wanted to no longer get invested in this. But we shouldn't mask the good performance and the reality of the economic fundamentals of your group, which are really solid, As demonstrated during the Q1 of 2021 with a strong rebound at $3,000,000,000 for a single quarter Of the NOI because the group is drawing the best advantage of the growing price for oil and gas, Our perspectives are improving with a result that is above that of the Q1 of 2019 Because of this action plan that we've implemented in 2020, but also the results of gas, renewables and power that has for the first time had an NOI of $1,000,000,000 We are leaving this crisis behind us with a debt ratio that is Under 20% right from the Q1 and a breakeven below $25 per barrel.
Dear shareholders, you will have observed That going through this crisis has not led us to suggest reducing the dividend. We thought a lot about this and the board decided To maintain this, unlike what our main European competitors did, maintaining our dividend is from your board A strong act of trust, trust in the fundamentals of your company that made it possible to not Make a rushed decision, but to have a fine tuned steering quarter after quarter with the progressive increase of the price of hydrocarbons. If it's managed well, to go through strong volatility without changing its course and without the dividend following the volatility of the price. We also trust in you as shareholders because when the group decides upon a strategic transformation, it is important in the eyes of the Board To keep your trust, and I would say that the yield of your shares are 6% to 7%, almost too high. But we hope that you will see a revaluation of the price of the share while maintaining our historical commitment because The dividend of your company has not decreased since 1982, which is almost 40 years.
I want to thank the new shareholders who joined us this year because the number of individual shareholders has increased by 4 From 450,000 to 550,000 individual shareholders, I can see that they appreciate what The dividend they get from their shares, and I'm certain that more will join them because your Board is very favorable with having Individual shareholders and employee shareholders, we have published yesterday the result of the new annual increase for employees, which shows the very strong commitment of our employees and their trust in this company. On these strong fundamentals that I've just described, Your Board has decided to start a transformation into a company, a broad energy company with the ambition to become a major player of Energy transition and one of the 5 main producers of renewables between now and 2,030. And to become a major of green energy, if you will. We have the means for this. This transformation process started in 2016 after the Paris Accord was signed with the publishing of our first climate report and a new branch dedicated to gas renewables and power.
But 2020 was really the pivotal year in May with the affirmation of our ambition to reach carbon neutrality by 2,050 together with society. I had presented this to you over our last General Assembly. Then in September, when we translated this ambition and presented this ambition and a 10 year strategy to the shareholders to transform this company into a broad energy company. The 3rd stage today is one in which we are going to rename ourselves into Total Energies To anchor the strategy into our new corporate name, we are going to transform ourselves by reducing our sales of petroleum products By more than 30% over the next 10 years, we're going to rely on LNG and Renewable and Electricity, we have a strong ambition for growth. We want more energy, 1 third more over the next 10 years, going from 17 petajoules per day to 23 petajoules per day.
And you need to get used to this new unit because to reduce our carbon footprint Of the energy products that we're selling, we resolutely need to evolve our portfolio to decarbonize energies and especially electricity. This choice of an energy mix was tested by the crisis in 2020. As the global economy slowed down by 5%, that triggered a decrease for the demand of energy by 4% Worldwide, 2 energies have continued to grow in 2020: Renewable electricity that has grown by 13% and LNG that has grown by 3% because of the demand in China and India. In order to reinvent energy, we shouldn't really act just on the supply, but also on the demand. So our customer and our demands are the keywords behind our strategy.
This new strategy is due to an analysis of the new demand for energy in the energy markets and not just the availability The supply as was the case in total past. This is a key point because if your company is reducing voluntarily its oil production When customers still need it today, you shouldn't believe that this would act positively on the climate. Quite The contrary, this oil would be produced any which way because it meets a demand, but by national players who might not want to be demonstrating sobriety in terms of their carbon footprint as we do every day. The lever to contribute to energy transition consist in transforming ourselves progressively and transforming the way in which our customers consume energy. And even if the pace of this will depend upon public policy, modes of consumption and the demand for them, Total Energies is going to offer its customers affordable energy products that emit less CO2, and we want to support our suppliers and our partners in their low carbon energy.
In coherence with this, we want to offer energy products that are adjusted to this evolution. And in order to do this, we want to invest to prepare the future. I would like to stop for a moment on our investment policy, which is quite simple to summarize. Half of the investments that we're making every year, which are this year around €13,000,000,000 and will be €13,000,000,000 to €16,000,000,000 over the next few years, are dedicated to maintaining the legacy business of the group, which is where we draw most of our cash flow and the other half of our investments is dedicated to our growth in our future. This half dedicated to growth is subdivided into 2 parts: 50% that are dedicated to renewables and electricity and 50% to our other businesses and especially LNG.
The priority is given to expand ourselves on the value chain of the renewables and electricity. We have shown it in 2020 2021 because In 1 year, our gross capacity to power generation has more than doubled and confirmed Our objective to continue to develop a capacity of 35 gigawatts by 2025 with the ambition to be 1 of the 5 top players in renewables by 2,030. In order to get there, Total Energy is going to finance €60,000,000,000 of investment in renewables over the next decade. This transformation is going to change The profile of Total and it relies on our assets and our competitive advantages. Diversifying our portfolio doesn't mean On our invested equity that allows us to build a solid and sustainable portfolio, which will Ensure predictable and steady cash flows.
This growth in renewables will be diversified globally. We are evolving on the European market by capitalizing on strong positions, more than 5,000,000 clients in France, EUR 1,000,000 in Belgium and EUR 2,000,000 in Spain. Outside of Europe, we're going to go to markets that are growing fast To have capacities of production in renewables in Latin America, North America, the Middle East, Asia, Africa and in India, where we are relying on the strategic partner that we've built with the Adani Group that has a company called Adani Group, which is the 1st solar developer in the world. We are now their shareholders for 20%. We are setting up an organization in the 50 countries where we're the most present To identify and capture the best opportunities that we noticed.
So following the CO2 fighters that were deployed throughout our affiliates to hunt down greenhouse gas emissions throughout our operations, we're seeing a new Metiers who are the explorers of renewables that have to identify The best opportunities for growth in this sector. This growth in renewables and electricity will also be diversified Technologically, solar at the basis of our development, it counts for 60% to 70%. We master this, but given the huge needs of the renewable capacities, this rests also on wind, Offshore wind and floating offshore wind, we are developing this technology because of our Oil and Gas Offshore expertise. Our recent success in wind offshore in the U. K.
Or in Korea are concrete examples of this technological diversification. The 2nd pillar of growth concerns the expansion in LNG. We have become the number 2 player in this field, and we want to continue to develop it. Total is reinforcing its presence in all of the LNG value chain, we have major projects in Russia, Mozambique, Papua and Mexico will allow us to grow our LNG production over the next decade and help the transition from coal to gas for power generation. This is essential If we want to get to carbon neutrality in emerging countries, we aim to be in the top 3 of LNG, low carbon LNG Because this is what our customers are asking us, and they're going to continue to ask us more and more for this in over the next years because We know that we need to ramp up our effort to decarbonize the production and transport chain for LNG and we need to limit Methane emission to the strict minimum.
The methane emissions of our gas productions are already very low, less than 0.1%, But we can still do better in terms of the LNG production plan and the LNG vessels that transport This gas, each new liquefied natural gas product will need to implement all of the technologies To avoid and reduce carbon and methane emissions to a strict minimum, but our gas investments should not just be limited to LNG. They also concern green gases that are decarbonized, whether these are biogas or hydrogen that will be incorporated with natural gas but also become energy in and of itself. With the acquisition of ForRoche, we are the 1st players In biogas, and we have an intention to rely on this national base to continue to develop our production of biogas Gas in Europe and beyond. We already have projects in the U. S.
We aim also to become a leader in massive production of clean hydrogen, Just like what we did in LNG by becoming a pioneer in the 70s in Indonesia and 90 in Qatar for the production of LNG because just the scope will allow us to drastically decrease the cost of this new energy that is hydrogen, which will be an energy that will be key to decarbonize the road transport of goods. Other growth investment in renewables will be carried out. I'm thinking about batteries that allow to mitigate the intermittency of renewables and developing mobility. The partnership That we have built with Stellanci to develop ACC with several Gigafactories in Europe is a good example. I'm thinking here also in terms of electric mobility to develop to our ambition of developing 150,000 Charging stations between now and 2025.
We've won Paris, Amsterdam, Brussels and we've acquired 50% Of the charging stations in London as well. We want to be known by our customers for electric mobility as much as we are for The distribution of fuels today, I'm also thinking about the development of the hydrogen mobility with the announcement this We have our shares in AssetCo, which is a company which is going to manage a fleet of 50 hydrogen taxis in Paris. I'm thinking about biofuels and the investments that we're making to transform Grand Prix After the one of Lammed in a 0 oil platform to adjust it into the production of sustainable biofuels for aviation. This will be supplied by raw materials for the circular economy, Animal fat coming from Europe and used cooking oil and it will produce sustainable fuels for aviation. I'm thinking also about plastics, bioplastics and recycled plastics that will be 40% of our sales in 2,030.
Will be producing bioplastics from sugar and will host a first unit of plastic recycling of chemical recycling of plastic. Total is already involved in many projects of CCS, including Northern Lights in Norway, And we want to offer storage capacity to our own industrial sites, especially the refining one to ensure There is sustainability in line with our own sustainable objectives, but also to industrial clients who will be committed to carbon neutrality. We're also working to create natural carbon sinks. We've just signed with the Congolese Republic Partnership to create a new forest of 40,000 hectares to store more than 10,000,000 tons of carbon over 20 years. These natural sinks offer the advantage of preserving biodiversity, but also creating a local economic activity because These projects are really a help for the local communities and helping them preserve the environment.
I've just described our growth investments in terms of renewable LNGs and green gases, But I shouldn't forget the other half of our investment, which is dedicated to maintaining our legacy business to meet the demand for hydrocarbons. Of course, we need to maintain our industrial installations for EP, refining, petrochemicals, marketing and services to ensure Their integrity and safety, we also need to invest in oil to compensate the natural decline of the fields Even if it's only 3% for Total, it's unavoidable. The natural production of petrol is Of oil is decreasing every year by 4% or 5%. And if we don't start producing new projects, Because there is a decrease of the pressure in the reservoirs as we produce and so less production, This natural decrease of production is superior to the decrease of demand that is forecasted starting in 2,030. It won't have any impact over the next decade.
Without any new projects, the price of oil would reach new highs because the supply would not cover demand anymore. But at the same time, in coherence with our ambition for carbon neutrality in order to ensure sustainability of our investments in hydrocarbons, Our strategy focuses on low cost oil with costs of less than $20 per barrel in terms of operating and investing costs and also taking into account the carbon price of at least $40 per ton in all of the countries in which we operate. But also we want to proceed to an analysis of these investments with a price of carbon at $100 per ton starting in 2,030. So all of these hydrocarbon projects are judged also Because of their intensity of greenhouse gases for Scope 12, we compare it to those of the current portfolio. Each new project should contribute in decreasing the average intensity of the greenhouse gas emissions of the group.
I want to come back to the project that we've launched in Uganda, which illustrates the strategy. The cost of this project are $11 per barrel And the carbon emissions are 13 kilos per barrel. These two criteria are well below those of our current portfolios, which are more around $20 per barrel 20 kilos per barrel. I would like to underscore here that for this project, And I'll probably come back to it in the questions because it will probably be the subject of questions. This project is promoting local development and gave rise to environmental and societal assessments that are published.
This is translated in a resolution that is submitted to your vote. This is an innovative choice that was selected by our Board to reinforce shareholder democracy. We wanted to So to in terms of the ambition of the company, in terms of our ambition and our sustainability as well as our objectives to 2,030. It's an innovative approach that we had because of a dialogue with various shareholders who said They wanted us to introduce this ambition because it is important and it will model the company that we want to build over the next few years. So the Board has a full report that is part of the brochure that you received.
It is also available on our website. This report summarizes the vision that we have of our world of energy, the means that we have to get there for the role that we want to play. Total Energy aims to reach carbon neutrality by 2,050 for our global business from the production to the use of energy products that are sold to our clients together with society. But 2,050 is still very far in the future. And to allow us to measure the progress that we do to reduce our emissions and to The indirect emissions of our customers, we've wanted to define interim objectives that were precise for 2,030, and these are Firm commitments.
10 years seems an appropriate length of time. It's close enough to feel fully responsible to deliver The targets that we've set ourselves, but it's far enough in the future so that the impacts of this transformation strategy Be visible in terms of our emissions. In 2,030, our target will be to have net emissions for our oil and gas Divided by 40% compared to 2015. The global emissions linked to energy products sold to our customers, the infamous Scope 3, will be below those of 2015 when our production will have grown since 2015 by 40 more than 40%. So in 2,030, the average carbon intensity of the energy products used by our customers globally will decrease by at least 20% compared to 2015, an objective that we've raised in 2021 because we have announced last year that it would be 15%.
So in Europe, the carbon emissions will be lower by 30% and those of Total in 2015. Why a specific objective for Europe? It's an additional constraint for us. It is because The European company that you have voted the new bylaws last year contributes strongly to the Green Deal ambition of Europe. To meet these ambitious objectives means commitments for the group.
These commitments are the condition of our license to operate, our legitimacy to lead our operations and our guarantee of sustainability. This is why once again the Board has decided to integrate In the evaluation of the performance of the company, performance of the men and women, financial performance, Performance of the men and women in the group because reducing our emissions is something that is involved in the compensation of Your executives, including mine. And Marie Christine Quenroquette will come back to the role that the senior Director is playing in the governance of our company with regard to myself. To reinforce the importance of the product the emissions of the product that are sold to our clients for which we're not directly responsible, Your Board has wanted to integrate the Scope 3 criteria in the long term compensation of the executives of this group through the performance shares. So it will be one of the criteria of the this.
These are also involved in the financial performance because all of the bonds that Jean Pierre Espoir is releasing will pay a coupon that will depend or not on whether we meet these objectives. If we do not meet these credits, we will have a greater financial expense and encourage us to meet this objective even further. As we've said, this performance will be made known to you as shareholders because the progress that we make on our climate road map will be presented in the Annual Shareholder Meeting, and we are convinced that they will create value over the long term. This resolution that we've submitted to your vote goes further than just presenting the strategy of the group faced with the climate challenge. It describes how Total Energy intends to be a reference that is recognized in terms of sustainable development Because being an energy player is more broadly to really meet the sustainable development of the planet, More energy, less emissions and more responsible.
We enshrine sustainable development in all of these dimensions At the core of our strategy, at our model of a responsible company and of our operations to contribute to the well-being of populations. We have some action principles that are in the heart of our code of conduct, and they apply to all of our operations in the world. Safety, Operational excellence and sustainable development goes side by side. Respect for the other is another value of Total Energies. And respect of human rights is a cornerstone of our code of conduct.
Tolerance 0 is the rule In terms of corruption within TOTAL and transparency is becoming the rule of conduct in our engagement with company Regardless of the topic concerned, because of these action principles, the commitment of Total for the Sustainable Development Goals are around 3 main principles: sustainable energy, which is transitioning to our energy to contribute to fight against climate change and to meet the needs of the population. The second aspect is the well-being of people. We want to be a reference as an employer and operator that is responsible. We are developing a work environment that brings together performance and well-being at work. TOTAL ensures the safety and health of the people, but also is very mindful of respecting human rights within the company and with the partners.
We will be particularly dedicated also to the development of the competencies of our employees because even if they're enthusiastic To be a part of this, they will need to be trained to evolve to the new businesses of renewable energy. So by pooling together our 3,300 engineers within OneTech that will be set up by September of 2021, we're going to integrate all of the technical expertise of the group for several objectives to mutually enrich these teams that will be a basis on the industrial fundamentals that made Total the leader that it is in hydrocarbons And it will supply opportunities to evolve to new energies for all of our employees. And I think it will stimulate innovation for everybody's benefit Within the framework of the talents of our employees, with your Board, we have defined our new road map on diversity With more ambitious objectives with regards to gender parity and the internationalization of the managerial teams For the company, we have met the objectives that we had set in 2010 for 2020 for this, but we want by 2025 women and internationals become take their full place within the managerial bodies of The group like they are in the executives of the group, we are certain that the diversity of talent is going to help our competitiveness and the attractiveness of Total Energy.
Our 3rd approach is environmental excellence. We need to be capable of showing An exemplary behavior with regard to climate change and with regard to the use of the resources on the of the planet, We are mastering the environmental impact of our businesses by avoiding first reduce if we can't afford and lastly but only lastly, compensate by preserving the environment on the planet and biodiversity. Total Energies will promote circular energy to this means. Looking at the example of the Lake Albert project in Uganda. In order to do this, we have a concession that covers 9% of the Merchants and Falls National Park, and we're very well aware of the biodiversity present.
We were able to concentrate Our footprint to occupy less than 1% of this area with a footprint that is less than 0.05%. So avoid first and reduce next. That's what I said before. We're also going to implement a third aspect of our policy. We're going to set up action plans to have a net positive impact on biodiversity.
What does this mean? This means that we're going to implement actions Such as increasing the number of ranges to protect the park from poachings, we want to also maintain Forest habitats for chimpanzees. I committed last year to have a net positive impact on biodiversity for this project, and I can confirm to you That it will be the case. More specifically, for biodiversity, we have strengthened our commitments by Committing to not carry out any exploration or production activities in the UNESCO protected areas or in the Arctic, Total will have to have a net positive impact. And in the biodiversity interest sites, we will have an action plan that will be deployed over the next 5 years.
Last aspect in terms of sustainable development is shared prosperity. It's the creation of values for territories and populations that welcome us because that's what we want. We want Total Energies to create a positive change for the communities that welcome us. Concretely, this means that where we operate, we favor development of the economy for local communities By creating jobs, we encourage turning to local subcontractors. We promote local workers to transfer competencies.
And we have examples like the development of Egina, where the local content of employees is now 50%. We We involve the local stakeholders to develop constructive and transparent relationships. This is what we call a fair transition, And fair is the key word here. Once again, I want to come back on the importance of having a fair transition. Energy is fundamental for human light.
It's a source of progress to heat yourself, to feed yourself, To move, it is at the core of human activity. And to provide energy is to contribute to the social and economic development of global populations and to their well-being. Meeting the demand for energy of a growing population while limiting climate change is the reason for being and the mission of Total Energies, which is to supply to the greatest number more affordable, reliable and clean energy. This shared prosperity is also created for your profit of as shareholders So that you are proud to invest in a company that is resolutely embracing energy transition and takes its responsibility to be one of the global leaders with anticipation and profitability. Total is thus becoming Total Energies today.
Ladies and gentlemen, dear shareholders, this decade will be that of the transformation of Total to become a multi energy company That places sustainable development at the heart of its strategy. As I said, we asked you to support it and anchor it in a new identity. And I can announce To you that you have really acclaimed this almost unanimously. This demonstrates your will to support us As we transition, it also demonstrates your trust. This name of Total Energies is a single plural word to talk about all of the energies, but also All of the talent within TOTAL Energies, it's a new word, but it's also a new logo to incarnate this path that is ours today.
This image, this logo is something that we wanted as a dynamic movement to illustrate the evolution of Energy and the evolution of Total Energy, we wanted to have many colors to show the many energies. We wanted also to show a proximity with all of our shareholders. And together, this world of Total Energies and this logo want to pay tribute to Total and the red color that we're proud of and without which we could not build our future. But TOTAL Energies and this logo explains what we want to be, which is a committed leader to reinvent energy, meet the dual challenge of energy of humanity for more energy and less emissions. So TotalEnergies and its logo also express our own energies and the energies of our teams and their mobilization with regard to this tremendous challenge.
This is a dynamic in which we're involved collectively, But it's also the enthusiasm that we feel facing this new threshold. So I've kept the suspense Long enough discover this new identity. Energy is life. We all need it And it is a source of progress. So today to contribute to the sustainable development faced with the climate change, We're moving forward to new energies.
Energy is being reinvented and this energy path is ours. Our ambition is to become a major player of energy transition. This is why Total is transforming itself and is becoming Total Energies.
You well understood that this logo that you've just discovered that you have under your eyes, it's T and E for total energy. It's a symbol. It's a path towards energy. It's in motion. We come from the red end of our brand and we go towards energy.
So there are 7 colors. We go from one color, one energy to another. The 7 energies in which Total Energy is going to invest for It's clients, oil, gas, electricity, hydrogen, biomass, wind, solar. Thank you for your attention. And I am now going to give the floor to Marie Christine Quandt, our Lead Director, Liena De Pena Director.
Thank you. Thank you very much, Patrick. And thank you for this contagious enthusiasm regarding the extraordinary ambition of Total for its transformation of its energy mix. I would like to thank you for this beautiful logo. We have talked about this among the Board of Directors So dear shareholders, good morning.
Today, it is the first time that I talk to you as the Lead Director following Patricia Barbizier. And first of all, I would like to thank our CEO, Patrick Pouyene, and the Board of Directors. They have entrusted me this mission. It's an honor, And I will be up to the challenges That sets for me. So before I show you the several aspects that have kept us busy at the Board of Directors, first of all, I would like to remind you How I work and what my missions are as a Lead Independent Director.
Patrick Poullianne launched this position in 2015 and is now part of the bylaws of our Board of Directors. In our company, the CEO position there's only one position of CEO And not Chairman and Executive. So my first mission is to be the prime Speaker with the CEO regarding the analysis of all major affairs and topics of our group. Alongside our CEO, I prepare our Board of Directors in order to I look at the agenda and the different items on the agenda, the different points that are worth sharing with you. In order to carry out these exchanges, Patrick Poullene and myself meet at least once a month.
And I also play a part when it comes to the collective governance of our company. This means that I am also the speaker for the And restrictors of the council, in particular for matters that are on the agenda, but also topics such as Conflicts of interests or any topic that might be of concern. I am I chair the Governance and Ethics Committee, we examined several questions for the company. I am also in charge of organizing at least once a year a meeting of the All of the non executive administrators without the CEO so that all of the topics that they would like to cover our tackle and so they can, in all transparency, exchange on these matters. And these meetings are, of course, very fruitful and very smooth.
And lastly, if need be, but we already have many meetings of the Board of Directors, but if we need an extra meeting, I can alongside if I obtain the agreement of a third of the directors to summon the Board of Directors. I've not had to do so, so far. And there's a third mission of mine as Lead Independent Director. And the CEO has entrusted me with this. We contributes to the dialogue with shareholders, and I will tell you more about this later today.
So these are the 3 this is the threefold mission that I have. The idea is that I will contribute to the Power the balance of powers in the company. I mentioned this balance of powers Because I think that among the activities of your board, there are several aspects That gives strength to this balance of governance of the head of your company. As you can see, 1st of all, there's one topic that often that your board often works on. And in order to be an informed director regarding the actions of our company and the governance of this company by the CEO, As you can see on this chart, we have had 8 meetings in 2020, plenary meetings.
And our 4 committees, audit, governance and ethics, compensation and strategy, have met 18 times in 2020. So that's a high level of activity. But what's important is also the attendance rates. And as you can see, we have an attendance and commitment rate, which is remarkable, which is around 97%. Furthermore, your board is also very committed, and we can see that because we have this session once a year outside of the presidency of our CEO.
So this is yet another pillar for the balance of power among our company. There is a second pillar for this balance of power and it's linked to the components of the Board of Directors. Under the aegis of Patrick Poullani and the Governance and Ethics Committee, we ensure that the Board Such a company is TOTAL. We have a global presence. This company is vital in its mission to provide energy and Petrobras brilliantly reminded you of this earlier today.
And because of this and in light of this, we are a major industrial player. Our company, just like Patrick said, We are enthusiastic, convinced and determined that our transformation towards a broad energy company is the right strategy. We need to have support. We need to accompany and inform our CEO. In order to do so, We need to have a wide array of skills among our Board of Directors, and feel free to have a look at this graph.
You can see that the main key fields of competencies for the good balance of power in our company are very brilliantly represented because there's 2 thirds in management for major companies in the energy field and governance and compliance as well. And on the other technical and key topics for transformation such as industry and climate as well as RSA, We also have a very high level of skills and competencies, over 50%. Our company is strong, thanks to this complementarity and this wide array of skills, which means that we are capable of providing our CEO with the right information and advice whenever he needs it in order to manage operations. So that's for the second pillar of this balance of power. This is also ensured, aside from the Lead Independent Director, by the rich composition of the skill in terms of skills of your Board.
This has allowed us in 2020 to bring our full attention to our works both between short- and long term projects and to our priorities. On this slide, you can see a line which is a timeline of the events that we have been focusing on this year. On the upper part of this timeline, You can see that the work of your Board of Directors is always very closely working with the CEO. And this has been the case all along the year from the 4th May to 17th 4th May, 2020 up until 17th March, 2021. This is the composition, the structure of our climate ambition.
This climate ambition was announced on the 4th May, and you know that Very well by now. We have thus adopted our climate ambition at group level on the 1st May 2020. This was already the beginning of the pandemic and it was a very strong step that we did want to postpone in spite of the health crisis and in spite of the oil crisis that our group was faced with. Following the adoption of this ambition, we have decided along Patrick Bouyanez, who organized a strategic seminar on the climate challenges. We have discussed this at length and we've learned a lot.
Thanks to some of the Chemex members who are very competent on these topics. And We have also learned a lot from Christiana Figueres' intervention. As you well know, She is an expert on climate at the UN. In 2021, And I will come back to this when we talk about the relations with shareholders. We have had strategic work seminars And we have decided that it was very relevant and important to suggest a vote on the resolution for the energy transition towards carbon neutrality by 2,050.
And we will work alongside society as Patrick Prounian had underscore, but with very ambitious and precise goals for 2,030. So this is a long term part of our work and it's essential and within the framework of the transformation of our company. But in the meantime, all of the works of the council have also allowed for the analysis of several projects of your company. There are 4 of them that I will present to you. You can see them under the time line.
So as you can see, we have analyzed and appraised the acquisition project In the field of renewable electricity and gas distribution in Spain, this started in May. This is a major operation Because it puts our group at we become number 4 On this Spanish market, so it's a significant operation that the board was delighted to support. Then there's the Mero III project, which is our traditional activity of oil. And this is In line with our group your group's strategy, which is to carry out only low cost projects, but this means projects whose carbon intensity is lower than the average carbon density of our group as Our CEO underlined earlier. We have also analyzed and discussed this at length In light of the very detailed reports that we've received and we've discussed in particular the societal and environmental impacts of the Thilanga and E COP projects in Rue Ganta and Tanzania and Mr.
Pouyane mentioned them previously as well. We have been very impressed by the quality of the measures to reduce and prevent that have been suggested and our council, our Board is convinced by this project and will support it All the way. And the last project, which was only signed at the beginning of 2021, is a major move, which is to Acquire 20 percent of Adani Green in India. It's a major change because Adani Green might not be known in Europe, but it is very well known in Asia. They're the world leader in solar energy in the world and they're based in India.
And we already have a partnership with them. This is why we are now also a partner for solar energy. As any Green is really committed to solar energy. So this just gives you a glimpse or a simple of The works of our Board of Directors during these 8 meetings in 2020 and of course all throughout the year, We support and we regularly monitor the action plan of the group, which is carried out by Patrick within the framework of the health and economic crisis. This had allowed us to maintain the dividends as our CEO mentioned a few minutes ago.
So I cannot leave you without mentioning that the Board of Directors is nothing without teams, without a CEO. And of course, I would thus like to congratulate them for the efforts that have been deployed by all the teams of Total in order to face this crisis and adapt to this crisis. It's a house crisis, but it's also an oil crisis and an economic crisis. The little video that was shown earlier has described the challenges. And I think that this huge community of Total should be praised.
And I think that as shareholders, you should be proud to have teams that are so competent and committed. And I would like to extend these praises and congratulations to our CEO for his extraordinary competence and responsiveness, he has managed to maintain both in the short term and in the long term His commitment in this year 2020, which has been very challenging. So this is what I wanted to share with you. This is what has kept us busy in 2020. And I would like to show you that our balance of power and governance And this unified management scheme is really based on an organized governance, equality governance around our CEO.
And it is based on the commitment and the work of Your directors, the complementarity of their skills as well as their independence. We are all mobilized as you can see Because our projects are very diverse and we cover all of these very diverse topics. And these are the topics on which your company is committed. I hope I was not too long, and I would like now to take a few minutes to mention the meetings I have had as Lead Director with some of our shareholders. I've met 5 shareholders He represents more than 15% of Total's capital.
And we have covered several topics that have just mentioned or that Patrick Poullene had already mentioned that are linked to governance. Our shareholders are very interested in these topics. They want to know more about the quality and the links between the Lead Director and the CEO. They want to know the profile, the level of independence of the members of the Board of Directors. So we've talked about all this and I felt that the details that were shared with them seemed satisfactory to them.
And with the framework of the renewal of the mandate, We have also tackled the question of the fact that we have one CEO who is both Chairman and Executive Officer. So this unity of this position is part of the culture, the organization of Total. Total, the turn at the top, As we say, is extremely important. So the fact that there's only one position is gives more Echo to this voice at the top of our company. This position also is also perfect for the challenges that Total is faced with today.
It is absolutely crucial so long as our CEO is not alone in solitary. And of course, it's not the case at all. And his command deployed throughout the whole company. And Thanks to the governance of his Board of Directors, which is very active. The negotiations that take place Within our field of energy negotiations with states and also with big partners, Just like the Adani partnership that I've just mentioned, this type of partnerships and negotiations require representativity, require Governance and Unity at the top.
And I'm convinced that we would have not found the solid partner That we haven't had any if we hadn't had a single CEO who inspires trust. And the last point the last reason why I think that this is particularly fitting is that in case of a crisis, There have been previous crises. A crisis requires flexibility and responsiveness in our reactions. And I think that Our company has shown that it is responsive, thanks to this single position at the top. Forgive me for having talked about this at length, but I think that It's important for you to heed and understand this message because I am deeply convinced and I'm not the only one because the whole Board of Directors is convinced as well.
So regarding the renewal of the mandate, we have also mentioned the evolution or the outlooks and the perspectives in terms of evolution of the compensation of our CEO. And we would like to add The ESG criteria, the strengthening of the ESG criteria alongside the criteria that are examined when we Talk about the compensation of our CEO. We will talk about this further down the line. The total Board of Directors has been very committed to the climate ambition and the goals that have been set in terms of reduction of CO2 emissions. And the discussions we have had have confirmed that We needed a resolution.
We would like to suggest a resolution. We want to consult you Regarding this climate ambition, we want to reduce our emissions, but We also want to reach carbon neutrality in the long term. We want to I'm sure that this strategy is really in line with our CEO's action and that it has the support of our shareholders. We also want your support when it comes to the new name and the new logo that Patrick Pekine has just shown you, which embodies this whole approach and which strengthen even further and makes more visible our company's ambition with all its consequences in terms of energy mix, in terms of renewable energy. I would like to talk about the last point linked to governance, which is The composition of our Board of Directors.
Following this General Assembly, our Board of Directors should be made up of the people that you can see on screen as I speak. The number of directors is going to go from 13 to 14 because we now have a member will be a representative of collaborators. We have 2 members whose mandate is Reaching an end, Patrick Pouyane and Anne Marie Idrach that you can see to the left of the screen and we suggest to renew their mandate. And we also proposed the nomination of 2 new mandates, external and independent directors, Jacques Aschenbroin that many among you know because he was at the head of value And he is going to bring us his expertise and his skills for transport and because he was the head of a big international industrial group. I would like to have a few words for our collaborator who left us after 12 years of commitment, Patrick Artes.
He was a remarkable support for our company since 2009. He was also an economist. So to replace him, we've tried to go even further and we found Glenn Hubbard, who is a remarkable economist. He is world renowned and he has long shown an interest to the governance of big companies but also to the energy sector. In light of this new composition, which is both new and maintained, Our Board of Directors proved to be very diverse in two senses because we have 5 women and 5 men.
And we also show diversity in terms of citizenship, which is also absolutely crucial to be absolutely complementary when it comes to talent and perspective on the several topics that we have to tackle and to support the action of our CEO. So we have 82% of independents. We have diversity both in terms of sexes and citizenships because 5 different countries are represented in this Board of Directors, which means that we are an exemplary Board of Directors in my opinion. I hope I was not too long. This is the end of my intervention.
And you may now have a look at the profile of our new Directors, Roma, Garcia and Evangli as well as Angel Paubot. You will learn more about them in the coming video. They're representative of our collaborators.
Hello. My name is Esha Kachembroch. I am the CEO of Valeo. Before I joined Valeo as CEO and Chairman of the Board in March 2019, I've had a long career that was very international and very technological within Saint Gobain. The automotive sector and mobility in general has to face 3 major challenges.
The first one is decarbonization, The environment with technological investments and product investments that are massive. The second is safety. And the third is China and Asia, which represent today more than 55% of the global market. This experience as an industrialist, as an international player and of technology and of the measures that the companies need to take to meet The Paris Accord mean that I'm very proud to join the Board of Total Energies.
Nominated for service on Total's Board of Directors. I'm an economist, currently a Professor of Economics and Finance In the Columbia University's Economics Department and Business School with 4 decades of experience my work has and a number of areas including global economic policy, energy economics and taxation. I served as Chair of Economic Advisors and Chief Economic Advisor at the White House, at which time I also chaired the Economic Policy Committee of the OECD in Paris. In the corporate world, I've served as a Director of numerous U. S.
Public and private companies. I also co chair the U. S. Committee on Capital Markets Regulation and the task force on financial stability. Total's record is So a leader in energy innovation and sustainability position it well for future success.
Its executive leadership and Strong Board culture are also impressive. If elected, I look forward to serving on Total's Board of Directors.
Ladies and gentlemen, dear shareholders, hello. My name is Romain Garcia. I'm 32 years old. I joined Total in 20 12 and I'm a petroleum engineer in Nigeria. I joined the Board on the 9th June 2020 for 3 years As a Director representing the employees nominated by the Central Social and Economic Council, I want to put my knowledge to serve your Board and its audit committee that I have joined.
I hope as an employee, I can contribute my vision from inside the company and contribute actively to the transformation Hello. My name is Angel Paubot. I joined the group in 1989. For 20 years, I was delighted to work and then to manage motorway service stations. In 2013, I became a member Of the European Works Council, and I was also a union member for several mandates.
I joined the Board in October 2020 as a director nominated by the European Works Council. When Total is doing a major shift in strategy, this is an Credible opportunity. I hope to contribute to the work of the Board and the CSR Committee, a social dimension that is essential in all of the strategies of the group in my eyes. I want to thank them. Hello again.
In a few words, I am now going to talk About the compensation of your executive officers that is detailed in your reference documents. As far as the compensation of our Board goes, you can see on the left hand side, which is presented in Resolution 10, which is the approval of the level reached in 2020 that takes Into account the presence of your Director in with the Board, but also to the fact that they waived 25% of their compensation starting at the last general assembly. That brings us to €1,250,447, the compensation that they got for 2020. Concerning 2021, We would like to continue the current policy where the compensation is composed of a fixed compensation and a compensation that is linked to their presence within the threshold of 1,750,000 That had been set during the General Shareholders Meeting of last year. It is simple and it is Easy to understand on this slide.
So I am now going to go through the elements of the 2020 compensation For our CEO and Chairman of the Board, in 2020, the compensation of your CEO and shareholder had a fixed compensation of EUR 1,400,000 and your CEO has decided To waive 25% of this starting on the 1st May 2020, which means that He will be paid EUR 1,166,667 Your CEO and Chairman of the Board could also have a variable compensation of 180%. On applying very strictly the quantitative and qualitative criteria, He met 140.91 percent of this, representing 1,000,000 euros 972,740 And the 3rd element, which is the long term component, has led to granting him 72,000 performance shares that are granted when The objectives are met on the rate of the shares, the cash flow compared to certain competitors, The organic cash flow before dividends as well as an ESG component linked to the evolution of greenhouse gases. This plan and the criteria that I've just mentioned concerns 11,000 employees within the company. All of them have the same criteria applied to them. I don't want to leave the topic of 2020 without drawing your attention on the fact that the overall compensation For your CEO and Chairman of the Board was impacted with a decrease of 36.4% On account of the crisis, as you know, the mandate of your CEO and Chairman of the Board coming to an end, it needs to be renewed for a duration of 3 years.
So your compensation committee and your board have done some intensive work to review the relevance and the fairness of our practices vis a vis the CEO and Chairman of the Board. So we have carried out A benchmark, an independent benchmark that we have entrusted an external firm with. From this benchmark, we can see that the fixed and the variable compensations are part of a median in the international market, And they're more in the 4th in the 3rd quartile of the CAC40. However, came out of this benchmark the fact that The long term elements for our CEO were below the market practices because those established for Responsibilities of this level for groups of this level an objective of 50% of the compensation. So all of this has led us to suggest 3 readjustments.
A first one concerning the fix That is deferred to the 1st January 2022 with a 10% increase Because the fixed compensation has not changed in the past 5 years, this would bring the fixed compensation to €1,550,000 This has also led us to modify not The quantum, but the criteria to take into account for the annual variable compensation Where the weight of the ESG criteria are now in coherence with your ambition as a company And they were increased. Over the long term, we when we are in a transformation period that is This significant, we need to be aligned and target practices that are closer to the market to increase the Share of long term compensation and grant an average of 100 1,000 shares per year. It was an average. We'll make it progressive to have an average of 100,000 shares over the 3 upcoming years. So these were the principles behind The real orientation of the compensation.
So please turn to the next slide for the Their application for 2021. So as I indicated, we are suggesting not to touch the fixed compensation that will increase in 2022 given the economic conditions that remain difficult and uncertain even if the price of oil has increased significantly. Looking now at the variable portion, this would continue to be composed of 140% of quantitative objectives and 40% of qualitative criteria. I want to stop for a moment here because it's essential for you to understand That the qualitative criteria as expressed are major and substantial evolution in the history of the company. The history of the company is that in the qualitative criteria, the success of strategic negotiations only concerned fossil fuels.
Today, in this qualitative criteria, it is a transformation of the company to carbon neutrality that is expected Of your CEO and Chairman of the Board as well as the profitable growth in renewables and electricity, I feel that we could not better illustrate the coherence of our strategy, ambition and commitment than through these criteria for the variable compensation. Also following what I have said, We have a reevaluation of the long term component of the compensation of Patrick Pouillane with 90,000 performance shares. Again, these performance shares are subordinate to the measure of performance in the 3 years that grant their accession. And again, we are coherent with the ambition of the company, the commitment of the Board, of the CEO And an increase of the weight of the ESG criteria that now weigh for 30%, but also a criteria That is 15% in the performance conditions that has to do with the reduction of the greenhouse gases of The customers of the group in Europe. So it is a Scope 3 criteria.
I believe that we are the first to select and apply such a criteria. This is what I wanted to tell you about the compensation. And I just want to leave you with the thought is that this group is committed in a transformation that is major to face the evolution Of the global demand for energy and in order to meet this because it is our mission and at the same times to meet The imperative of climate change that concerns all of us. I hope that between the governance presentation that was a Of the actions that are supported by the Board, led by the CEO and Chairman of the Board with the global strategy That is that of your company toward carbon neutrality. Thank you for your attention, and I wish you a Great rest of your assembly.
Thank you, Marie Christine, for these full presentation between mine and yours are a good balance and give you A full panorama to our shareholders of what is at stake with for Total Energies today and tomorrow. So thank you very much also for the support for your CEO and Chairman of the Board. I would like to move on Before I give the floor to the auditors, I would like to remind you that the documents in the law and the reports are made available For the shareholders, they were shared with the shareholders who asked for them. The reports are available on total.com Under the tab General Assembly, I'm now going to give the floor to the auditor. So Mr.
Jacque from KPMG is going to explain the various reports from the Audit Board. Ladies and gentlemen, good morning. I am It is my pleasure to present in the name of the Audit Board and KPMG the reports that we've established for your attention. These reports for 2020 feature amongst the documents that were made available to you and that are featured on the screen. We're talking here about the annual accounts report, the consolidated accounts report, the special report On regulated agreements and then the report on potential operations on transactions involving the company capital.
So I'm now going To present the consolidated account, our work is to obtain a reasonable insurance That these accounts do not have any significant anomalies. Our report on the annual accounts of your company is presented In pages from 468 to 471 of the universal registration document, We've also spoken about the key points of the audit. In link with the first resolution of your assembly, we certify without any reservations the annual accounts. We have not emitted any observations On the management report and the Board report on the governance of the company, concerning consolidated accounts, Our report is on Page 306 to 309 of the universal registration document. We've taken into account the specificities of your group in terms of activities, organization, accounting rules and internal controls.
The Audit Board and the Board were kept appraised of the advance of our work. In our report, we've presented the 2 key points of the audit for 2020. These pertain on the one hand to the evaluation Of the depreciation of the non current assets for the exploration and production assets of the exploration and IGRP and to the incidence of the estimation of proven reserves for hydrocarbons. In conclusion of our work and in line with the second resolution of your assembly, we certified without any reservation The consolidated accounts of the group that are presented for 2020. The 5th resolution covers the regulated agreements.
Our report presented on Page 214, 215 of the universal registration document Says the absence of any new agreement. We have there's a convention of free premises for Alliance United Way was already submitted to approval prior to this. In resolution to with Resolution 'sixteen and 'seventeen, we've spoken about the transactions involving the company's capital. We have no observation On the principles and the observations in the reports, when we use this, we could have additional reports to finalize these transactions involving the company's capitals by the Board. Ladies and gentlemen, these are our various reports concerning 2020, and I thank you for your attention.
Very well. Thank you very much to the auditors. We are now turning to the traditional Q and A session. Before we answer, we have invited Laurent Garcon to ask the questions like last year to make them more lively. Yes, selected questions from the platform.
So before I answer the questions that were raised on the total.com platform, I want to say that 8 shareholders have raised written questions in the framework that is that of the regulation and the modalities for our general ascension. It's a forum Of the investment, Greenpeace France, Friends of the Earth France, Pete Trust and Mr. Bernard Delpeche. There are about 60 questions. If I had to answer this, I would speak for a full hour and still not have enough.
All of the answers to these questions in writing were reviewed by the Board and they will be Shared next week, we have a 5 day time frame. We're finalizing them right now. 3 of the written questions were sent on the last day at the last time. I also wanted to say a word that we've received questions from 2 other shareholders, were sent outside of the regulatory framework because these letters were not received according to the formalism that we have, Which is registered mail with an acknowledgment of receipt. But given The importance that we give to our dialogues with Climate 100 plus, the Board is going to have me write a letter back to them.
So this is what I wanted to share with you. We are now going to move to the question. So the floor is yours. Thank you, sir. A new year of remote questions, but you are used to this exercise.
There's more than 2,000 of you connected to follow this general shareholders meeting in direct and more than 500 questions were asked. So these questions really Reflect the questions and what is at stake right now. As last year, we have pulled them in various topics, which are the strategy of the group For fossil fuels with ecological regulations that are constraining and expectation of civil societies that are high, We're going to talk about offshore wind, hydrogen, which is raising a lot of questions. We'll also talk about the dividend, The share of the the price of the share and all the topics that generated questions. So let's start with one topic That has to do with recent actuality.
The IEA published on the 18th May a new road map To get to carbon neutrality by 2,050 in order to limit climate warming by 1 to 2 degrees, it is The net 0 emission scenario, so the companies will need to Stop developing new fossil fuels. So two questions to start with. One from Yves Friedmann. Is that going to meet The demand of IEA and stop looking for new fields and another one that is even more radical from Henrique Baldiserie, Don't you feel that you should give up on fossil fuels, not in 10 or 20 years, but right away because As most powerful industries in the world, don't you feel that today with the knowledge that we have, we cannot have A totally clean energy. So this is a complete break.
Well, that taps straight into the topic. Radicality is not the answer in the energy transition. There's the word transition today. Our economy relies for 80% on Today, they're fully competitive, which are renewables and wind and solar. And this is where Total Energy wants to be committed.
But I wanted to remind you, the shareholders, that what allows TotalEnergies to be able to invest in renewables is the cash flow That we draw from our fossil fuels. And there is a demand for fossil fuel today and especially oil, Because the planes are flying, the trucks are driving and the ships are sailing because of these energies that come from oil, For the most part, this demand will be met. And if not met by Total, we would deprive ourselves of a source of cash flow that would allow us to invest in new renewable energies and others would produce this energy and so we would not improve the cause of climate change. But I can also say, as I explained to you in the strategy of the group, The strategy is to increasingly use we're using at least $3,000,000,000 this year. It's a significant sum That we're taking from the fossil fuels to reinvest in new energies.
This is a transition model that we want to implement. I've read with a lot of interest and I've received 200 pages. So I've not fully read this report from IEA. I just wanted to note that there's a very positive part in this report, the first part, which is that it strengthens our strategy because The IEA explains that to get to carbon neutrality, we'll need to further amplify the effort to get To renewable electricity, and it's exactly one of the 2 pillars for growth for Total Energy. And when I hear that there are doubts on the profitability Of these projects and we might have too much competition in terms of renewables, I think that IEA shows a field and possibles and needs for investment that is so broad in terms of renewable to get To carbon neutrality that this strategic choice is quite the contrary justified in my eyes.
Then there's a debate about the pace to exit fossil energies. I would like to note that this report on neutrality to 2,050 of IEA, 8 days or 10 days before they'd announced that they did not have enough projects and investments in oil and gas currently and they feared that the price of oil would go up Too quickly and that is the case. And that's the whole debate that is raised with us. How do you reconcile the present in which we are and the future And what is the pace for this transition? So I've announced it.
We've taken some very strong commitments. We've said, and I'm going to repeat this, That we're going to evolve our strategy very strongly. The production of oil in 2,030 of will be below that of 2019. We are going to meet our peak for production of oil during this decade. In 2030, we will have at least 30% less oil products of what we sold in 20 This is a major evolution when your group, your company and I've been part of this company for almost 20 years now.
I've often heard that the objective was to produce more oil and more fuels. Marie Christine Guenroquette said there's A major change in the quality qualitative criteria of your CEO. The success strategic success in Fossil fuels have disappeared, and I will act according to the criteria for which we are judged. But it is our present and we're proud of it and we need this revenue that comes out of hydrocarbons. So we're not going to renounce And we're talking here also about exploration.
We have reduced the exploration budget Quite a lot. 5 years ago, we were almost at €1,500,000,000 in exploration per year. Today, we are at €800,000,000 Why are we reducing them? Because we've taken a commitment that I've reminding us is to invest in low cost oil. By doing this, we have restrained the field for the exploration teams.
Maybe they're not happy about it, but this means that there's a trend there. Do we need radical decision? I'm not in favor of anything radical. I think we need to support the evolution of demand. Everybody says that the peak of the demand for oil will be somewhere between 25 30, at the latest in 30.
But until then, the world will need oils and these are key euros for Total. So I'm ready to take many commitments for the group, less oil products in 2,030 and we'll have less oil produced in 2,030 compared to 2019. But saying that we're stopping everything, the answer is no. I think it would be an error and it would deprive us of the cash flows that we need to build Total Energies. We have a lot of questions on the impact of the projects in fossil fuels, on climate, on the environment, with also political repercussions.
It's the Question in Uganda. This generates a lot of questions with the shareholders. So two questions, one from Jean Jacques Poirier. The exploration project in Uganda is a controversy because you would do this research in a natural park. And the second, Because 0 oil going forward is incompatible with new drilling.
So isn't this incompatible with your policy to produce green energy? And the second comes from surrender end of the earth. Do you condemn the arbitrary detention of Maquelle Altura, who was arrested on the 27th May when he was just trying to meet the communities impacted by this product, which measures are you going to take to prevent These arbitrary arrests as well as any form of intimidation to the communities and the defenders During the general shareholders meeting, they asked me they tweeted me and they said whether I would answer. And I said, yes, and I'm going to do it right away. Of course, Total Condemns any attack on human rights.
I'm going to probably repeat it from Myanmar because we'll have a question. I'm saying it for Uganda. And to market, I can show you that I've signed myself a letter to President Museveni to tell him that we cannot share this type of Attitude. There's a right in Uganda. We understand it, but we also believe in the freedom of expression.
We also believe in the fact that the stakeholders can have different perspectives. And when they intervene with peace and they want to meet on the ground, we share this point of view. My answer is Yes. We're only one of the partners of Uganda, a significant partner because, of course, This is a major project for this country. And you can see, friends of the earth, I am going to I hope that I will be heard With President Museveni, I have already spoken with him about this topic.
I've already shared with him My desire to be conciliation to do this with conciliation, I know that Uganda's law forces this type of activity to be declared prior to them and it wasn't the case. But we need this project to be carried out In conditions that respect the values in which Total deeply believes and human rights are at the heart of our code of conduct. And as for biodiversity, I've mentioned it in what I've said. Yes, we know that this project, and we can be transparent here, concerns part of the Merchants and Falls Natural Park, I said that we've taken very strong decisions. This project led to a very important debate Within the Board, we had more than 2 hours of debate.
The Africa Director came to present all of the action plans. There were several independent reviews that we've shared also with the Board. We've put them online in a very transparent way, not only The studies that were carried out on these questions, including on the location and the land reallocation, but also on the action plans that were taken into account by Total. And this work with the Board allowed us to have a real dialogue with our teams in Uganda to go To encourage them to go further and answer positively. So we're listening to our stakeholders.
In terms of biodiversity, The decision was to give back to the Uganda's authority most of the permit that concerns the Murchison Falls Park will keep 1% and not 9%. The impact on the ground is minimal, and we have a commitment to biodiversity. Of course, there's an impact. I recognize it, But I can ensure you that we'll do everything that we can to minimize this impact and compensate it. In terms of chimpanzees, We have decided to have a direct dialogue of with scientists of UICN to understand how our action could be Less troubling as possible for the chimpanzees.
Should we stop this project? And I answered earlier, this project allows us to produce oil at $11 less than $11 per barrel. So the cost is low. And it also makes it possible because we've put Some very strong decisions to voluntarily reduce our emissions. We are spending $100,000,000 more than what we planned To decrease the greenhouse gas emissions, they will be among the best of the oil projects of the group at around 13 kilos per barrel for this project.
These are my answers. Last point, I also wanted to remind that seen from Uganda, seen from Tanzania, These projects are creating a lot of value and we shouldn't forget the positive impacts for the economies of these countries that these major projects are going to generate and it is also part of our mission. We are also partners of the countries that trust us in order to develop their resources. I've drawn a lot of lessons On what happened, I consider that if today this project is a controversy, it's our fault. We were not transparent enough.
We were not able when we needed to started this dialogue. This is a lot of lessons. And when I'm talking about sustainable development within Total Energies, It's this. It's to be able to anticipate this type of issue. We knew that there was an issue.
We had a very engineer approach by saying, Well, because we contribute the solutions, everybody would be convinced of this. But the society in which we live is changing, is moving. It needs to be convinced. And I feel that the principle of transparency that I've reminded you in my speech is the adequate response we must have throughout the world. Total Energies is visible.
It carrying large scope project with a large local impact, and we need systematically to do our own effort to go and meet the stakeholders. There are questions on this. We also have reactions that are provoked by your speech. Bettina Bodoisto said the results of the group are remarkable in the current context. The perspective for the future are very motivating.
The transformation of Total to Total Energies is great and the new logo is a great success. So that's a little reaction I wanted to share with you. What you're going to see, I can say it because the revenues are yesterday, the shareholders have really supported the strategy of the group Enormously. Talking about the transition of the energy needs, especially in Europe, this entails an evolution of the energy mix, What is the impact on the needs for refining? And there's a question on the future of the refinery in Grand Prix.
Talking about refining, it's clear that if we need less oil products, we'll need less refineries. And Europe can be the continent that is ahead. So the answer to this is to anticipate. We need to anticipate a refinery employs a lot of people. It has significant local impacts.
We've done it in La Mer. We've just done it in Grand Prix. If we wait for 2,035 and the stop of thermal engine vehicles being sold in Europe, it's going to be too late. There are good things in terms of technology. We demonstrated in La Mer that it was possible.
We want to do it in Grand Prix. We can convert An oil refinery in a biorefinery that will be using other commodities and Waste coming from circular economy, of course, vegetable oils, but we can do biofuels That are part of the energy mix tomorrow because we'll need some liquid fuels to fly planes over long distance For reasons of storage in the plate, we will need liquid fuels. So there's a future for these refineries. But what we want is to be able To organize this future, Grand Puy for me is the model because we went further even than in LEMED. We wanted to transfer LEMED In a 0 oil platform, I really do not understand the criticism of greenwashing here.
We're going to spend €500,000,000 To do sustainable biofuels for aviation based on animal fat and cooking oil And aviation is wanting these sustainable fuels. We have recently inaugurated with the head of Air France and the head of the Paris airport The first transatlantic flight with 15% of cooking oil in it. So I don't see how it is greenwashing to want to do This investment and do it responsibly, moreover, for plastics, we are going to build new units, 1, to do plastics based on agricultural commodities and one on the chemical recycling of plastics. I don't understand the criticism. Certainly, there are less jobs.
We will have 250 jobs where we had 400. There won't be any layoffs and everybody at Total is committed by this. And the plans that support this evolution will not impact the people there. For me, Compuis is an exemplary project that shows the way. For refining, the other issue that we're going to have is we'll still need refineries because Even if we stop selling thermal engine vehicles, they'll still exist until 2,050.
We'll still need to provide gasoline and diesel. We still have planes and trucks. So on these platforms, we want sustainable platforms. I'm thinking about Normandy, Antwerp and others, we will need to decarbonize our processes and capture the CO2. And we're going to be tackling this very quickly.
We are currently studying with Air Liquide how we can capture the CO2 Of the whole hydrogen production, so to decarbonize hydrogen in our refineries. This is a program for refineries. It's going to require investments that will need to be targeted because we need to fine tune our adjustment to this need for oil products.
This is the perfect transition with a question regarding CO2 capture, do you have a program to capture and reinsert CO2 In other sites, the only possibility, in my opinion, to continue to produce and use gas and oil on the long run. Of course, we need to develop the CSSM Technology, but there's a problem with these technologies, which is to because we have to Norwegian government, we have launched the Northern Lights project and we need a $100 per ton price of CO2 and we need to have many sources of CO2. What doesn't really work is to find one plant and to have its own for it to have its own storage. But if you have big industrial platforms such as Normandy and all of the industrials around there or in And for near Rotterdam, we can organize this. But there's a cost of infrastructure because we need to transport CO2 towards the storage area.
So we are going to invest about €1,000,000,000 in the coming decade on these technologies on projects so that we can have a storage capacity of between 1,300,000 tons. This will allow to store part of the CO2 that we will capture on our refineries. It will also allow our clients to store their CO2. For instance, we have Metal and Steel clients that are looking to us for solutions. But this is not a silver bullet because Only a few industrial platforms will be able to capture enough CO2 for the chain to be efficient.
Our point of view is that offshore Storage and the North Sea are projects that are easier to accept for the public. But our shareholder is right. We need to develop these technologies to reach carbon neutrality because in 2,050 and the International Energy Agency has shown this. They predict that we will still have 25,000,000 barrels of production and we will also need more gas In terms of proportions. Regarding carbon price, you've mentioned this in your speech.
This is David Mache's question. You say that it will be $40 a tonne in 2,030 for the group to invest. This price has reached €50 At the beginning of May, experts believe that it should reach €100 in 2,030. BP have announced that their price will be 100 dollars in 2,030 as a reference, don't you think it would be more rational and more realistic to have $100 No, in Europe, it's not $40 Our benchmark is $20 and we're not far from $100 in 2,030. What I've said and what's important is that it's $40 even in a project such as Ugandan where there are no regulations regarding the price of CO2 whatsoever.
So all of the total projects use this $40 threshold and sometimes $100 and I have no problem whatsoever to put $100 in $2,030 because we already do that with sensitivity. This type of rationale and we've seen this on our natural and our LNG projects in Papua. With these theories, we capture CO2 to store it, so it's interesting. But regarding the commitments that we've made elsewhere and that I have reminded in our strategy, I can tell you that $40 or $100 it won't change because all their teams are trying to reduce their CO2 emissions to the maximum. So I agree, dollars 100 is fine By 2,030, no problem.
This is also a natural transition to our second big theme as you have predicted it probably. A question on Burma. You have released a press release this week. You say that a decision a joint decision by Total and Chevron of 12 May. Unless the allocation to the shareholders of these companies are Suspended, including the Myanmar Oil and Gas Enterprise.
And Fanny Poussey says, I've lived in Burma and I feel Particularly worried by the dictatorship that has come back to this country following the revelations of Le Monde, Total Finances, the Junta through Offshore I have mentioned this before, but thank you for this question because I would like to make a statement on it. This is a topic that has been Controversial since Total has decided to go to Burma. These are sources of electricity for the whole of Burma as well as Thailand. First of all, we condemn violence and the human rights violations that have taken place in Burma. I will repeat this.
Human rights are part of our code of conduct and we condemn any violation. This is the first point. Secondly, we've made immediate decisions, the ones that we could take Without reaching the contracts that we have, we have put an end to the development projects that planned on developing the a new oil well that was discovered and we have stopped our campaign our drilling campaign. Campaign. As I've explained, everything is not black and white in terms of human rights.
Everything needs to be considered. Once again, I repeat myself and for everyone here today, the only way to stop the flow of cash towards the state of Verma is to stop production. Why is that? Well, because if we do not stop production, Most of the income comes from the fact that there's a client buying most of this production, which is The Thailand company and most of the income is paid to the state of Burma by this Thailand company. And then there are taxes.
And we're told, well, it's easy stopping taxes. Well, the thing is that there's international law And we it's not an emotional right. When we pay taxes, we don't pay this to the army. We pay it to a state. We've been paying these taxes to the state for 20 years and we continue to do so and we did so when Madam Aung San Suu Kyi was at the head Of Burma.
We pay this to a state. If we decide to stop paying taxes, we are not abiding by the law and we're told it's not serious, but it is serious. It's a criminal risk and I cannot expose the collaborators of Total in Burma to Jail sentences. In this country, there is also forced labor in force, so I cannot expose them to this risk. A French newspaper created a controversy and I was quite surprised about that because we answered all of their questions.
And I was surprised to see that they said that Total had not answered all of their questions. Let me remind you of a few things. First of all, Mogide is The company that is our partner in the Lena pipeline, it's a public company and their only shareholder is the state of Burma. It is a quoted company that exists since that has been existing for 25 years. It doesn't have Burmese generals at its head and this is what it sounds like when you read newspaper articles.
When you read these newspaper articles, it sounds like the income is falling right into the pockets of these generals. It's not the case. The state obtains the income. Once again, this company was still in place during democracy, when democracy was back in Burma. I've discovered that this company was had its headquarters In a tax haven, Our policy is to no longer have any subsidiary in tax haven.
There were 30 of them in 2015. We still have 9 or 10 partners in tax havens. And we also try to convince them to change. So this company has its headquarters in Bermuda, but Total does not make any payment offshore. There is no financial flow that goes towards the Burmese.
They receive The Thai company obtained part of the cash flow and other the other part goes to the Burmese They also have they receive these incomes on accounts in Thailand. So everything ends up in Thailand. It's a company that has been in the Barbados since for 2014, this has no incident on Total because they obtained their income with their subsidiary in Burma, which abides by the Burmese law. I must admit That most of the income comes from the upstream part of the project. We make deliberate decisions.
We listen to the stakeholders and we have taken the call to limit The income going to the military Junta, we have tried everything we could to reduce this. We've looked at the law. We've signed a solution which is to This side alongside our American partner Chevron during a general assembly of the Jairus pipeline company, we've decided to waive the dividend. So Total Chevron, PTTEP, none of them will receive any financial flow from this pipeline. This is a decision that we had to take alongside our partner because We needed to have the majority on this decision.
I understand that this is a very emotional topic. But as a company, we have to abide by The law on the one hand and on the other hand, of course, we condemn and we are Absolutely up in arms about what is happening in Burma. Once again, if international authorities such as Europe And the U. S. Decides to take sanctions, Total will respect them and they will implement all of the sanctions that will be implemented by Europe and the U.
S. Towards Burma. That's it for this chapter. We have 20 minutes left For this discussion, we are receiving many, many questions. We're going to start this second part with Total, which is turned towards Renewable Energies and Patrick P and A, you're not going to be surprised.
We have many questions from your shareholders regarding Total's ambitions and the nuclear energy sector And hydrogen. Christian de la Roche, solar and wind cannot can only be Secondary players in the production of energy, can you tell us what you think of that? Only nuclear and hydrogen can provide Big scale solutions. What is Total's strategy in these two fields? And your policy to diversify your energy mix, Which measures could be taken for that?
First of all, I do not subscribe to the idea that Wind and solar are marginal. Here again, I agree with the International Energy Agency. We need to invest In these technologies, they have an intermittence problem, so we need to solve that through storage. This is the reason why we can never have only renewable energies on the planet. Nuclear, I've already explained this several times.
We do not have skills in this field. Yes, of course, it's a decarbonized energy clearly. So I don't think that we are going to commit to a sector which is extremely capitalistic and which comes with technological issues. We have opinions on this, but Total is not going to start building a nuclear reactor just like The ones that our excellent friends from EGF do, we make choices. We make committed choices.
We've committed ourselves to solar and Wind and not nuclear. Hydrogen, yes, I've said so in my speech. If demand starts to rise, we can become massive producers of hydrogen. Why do I say massive? Because we're interested in size.
We do not see We do not think that Total will become a competitor for Air Liquide or other such companies. I don't produce my hydrogen. It's air liquid for now. So I'm not going to become a competitor of theirs. But if hydrogen becomes a mass For road transport for instance, we are going to intervene.
And I can very well imagine Total developing blue hydrogen, so decarbonized gas, But we need to find cheap gas and we need to find massive CO2 storage or green hydrogen, which means coupled with very big wind and Solar farms and we might have electrolyzers farms, big plants for LNG. We've done this in the past. So it's a In the meantime, we can take part in a few projects. But the real question for hydrogen is to start having regulations so that demand Well, right, because we're all talking about this, but for now demand is too low and this means that we cannot have costs that are low enough. Regarding electric mobility, Ericsson Ovenin, what is TOTAL's strategy in light of the ramping up of electric cars With battery, but also hydrogen fueled cars.
While electric mobility is essential for us, We are a big actor, big player for mobility. Alexey Bob's teams are faced with this topic, so we have several pillars. We want to invest in charging points and we will also provide services. For now, we do that because we have the concessions in towns. We also do this in partnerships with company that want to set this up in parking lots Near their headquarters.
So this is a revolution for us. We're doing this at the moment, we have the first station, which is 100% charging point. So it's a big hub where people come to charge their cars. So it's a revolution Of our model of fuel distribution, we believe that People are going to charge their vehicles at home or in their offices in the future. So we need to change our model.
So there's a strategy that is being developed. I was talking about hydrogen taxicabs earlier. We consider that we want to be As we know for our by our clients, just as we know as we are for gas right now, We have a partnership with Telenci for batteries so that we can make the most of the fact that There's a revolution underway and it started in 2021. We've seen this. We've seen all the automobile Makers announced that they're going to change their cars and they are doing so much faster than expected.
So this has In the impact, 150,000 charging points is a goal, but what we wanted to provide the services that our clients need. So we'll talk about hydrogen. What about wind farms? Thierry Bateau says, is wind going to become Mostly maritime and offshore rather than onshore entirely or in part. I realize that I hear these customers that we don't explain what we do enough.
We've had figures in February and we receive figures every quarter. I've We've given a panorama of Our portfolio of renewable energies and as you can see we already have onshore wind at Total and including in France because Total Quadrant has about half of its portfolio onshore. We believe that size is a lot more important. So we're trying to catch up. We now have concessions in Scotland.
We have 1 in British in the British North Sea. We have started a project in Taiwan. So the offshore wind is a lot more interesting because it's usually more massive. It's 400, 800, 1.5 Gigawatts. So this means that we're stepping up and it's what the IEA has called upon.
So for the future, I believe that offshore wind It's more what Total is capable of doing, but we will only do so in the countries which where it's acceptable. We know that it's an important topic, acceptability. But on the planet, there are other places. And when we talk about green hydrogen, for instance, We're looking at in Patagonia in Chile where there's a lot of wind in Argentina so that we can have green hydrogen that could then be Transport it. So this technology all of the technologies are good and we want to master them because we are committed in this renewable revolution.
To produce electricity, there's also gas, which doesn't emit as much CO2 as coal. And Verna, Joel, Has questions regarding one topic in particular in Mozambique, the gas project in Mozambique. Can you tell us More about this following the 4th measure statement. Is it temporary? Or has this project been canceled altogether?
No, it's not been canceled altogether. The situation in Cabo Delgado to the north of Mont Blanc makes it impossible for us to build a project that would mobilize 5000 to 10000 people on the ground. The situation has gotten clearly worse. There is a terrorist movement. I believe that it's a type of war.
It's the word that the President of Mozambique has used himself and it's the word he used when we talk with him. So we will only be able to continue this project once peace is back. We're not Total is not there to ensure that there's peace. We're an industrial company. So we've turned to the state of Montambique.
They, of course, want to gain control back in this region for other reasons. Of course, this has generated displacement of populations, etcetera, which in my opinion is a lot more important than to know if our project will be able to continue even if I understand that it's important for our shareholders. I've recently met the President of the side. He had come to France and he's been invited by President Macron to talk about investment in Africa. So of course, we need to reestablish peace.
So that means not only security around The plant, but we want the government to take back control over the Cabo del Galleria region, the Musilalar Bahia city which is currently at the hands of terrorists. And we also need roads to be safe because such a project requires A lot of logistics. So we're not going to go and build a plant in the Fort Knox. It's not going to work. It makes no sense.
But the gas field is still there. It's very significant. So we are calm. We are convinced. The first thing that we wanted to do was to ensure that our employees were safe.
We have evacuated Our employees and people of the local community as well. And for the project, we know that the government needs to make decisions, but this is not Total's Business in Total will never fund any military operation, be it under a government or a private Militia, we have very clear principles. We can intervene. We can provide human sharing assistance in this type of area, but certainly not to take part in an armed conflict. This is part of a war.
It's not none of our business. And I'm confident I know that the government of Montanerique will make the right decisions to reestablish peace in the region. In the meantime, we protect the interest of our partners and our shareholders. So yes, we have declared force majeure. We are renegotiating all of our contracts.
We spent $300,000,000 a month. The project is interrupted. And of course, our goal is to reduce these costs to the bare minimum while we are waiting to be able to restart this project. This is very important work That we do with our Taiwanese, Indian and Japanese partners. But my thoughts are with the populations that have to suffer from these terrorist attacks.
Total is a producer and a seller of electricity. This is something new, but our shareholders are also worried because Total Energy was accused by the national mediator of energy. So there are disputes with clients, which actions are underway to solve these problems that might Pressed by the violence of the words of the energy mediator. I've taken this very seriously. I've required a complete audit Regarding the way in which these disputes are tackled, the reality is that, yes, We have received complaints.
This might be in part because there has been subscriptions that have changed from TotalSkin to Total Energy. I was one of the people whose subscriptions changed. And I must admit, it was a bit complicated. And I would like to apologize to the people who've had to do that because quality of service is one of our commitments. And Total has often been recognized as one of the best for quality of service.
Well, this time it wasn't the case. Let me remind you the reality of the figures. The number of subscribers, we have 500,000,000 clients today and the number of complaints are 115. So of course, it's higher than that of the leader on the market. But we are 3rd best in light of all of the electricity providers in France.
So I'm very serious about these complaints. But I think if we are red Then the others are really bright red because I think that others are not doing much better than we are. And I think it's because it bothers them that there's a new player. Total has carried out acquisitions for this energy transition. They need to be funded.
So Isn't it going to be complicated to fund these acquisitions in light of the degradation of the rates of The company recently. It's true that the rating agencies S and P and Moody's have recently the beginning of 2021 I reviewed the whole oil sector and this has generated a decrease in the rating of most Of the players in this sector, so we've lost a notch. We're single A at S and P and AA at Moody's now. These are extremely good rates. We need to underline that this.
In this rating, We have a stable outlook, so it means that there should be a degradation of our grade in the short term. So when we look at the S and P and Moody's reports, We can look we can see the factors that have that are behind this change. So there's the increased volatility in the prices of gas and oil Since March 2020, this has been the main factor for this change and the energy transition as well, of course. S and P in the report also indicates that Total is among the few companies in the sector that are very proactive and that have an ambitious climate ambition. So concretely, We've not issued any bonds on the market since this degradation and we don't need to because we have enough liquidity.
As you can well imagine, we have A regular dialogue with our investors and we do not anticipate a Significant impact of this degradation for our future issuing of bonds. Patrick mentioned this in this speech, but we've made a decision in it was announced in February. We are going to integrate our climate ambition in our finance policy. So the future bond issuance will be indexed on the climate performance of the group in light of the goals that we have set ourselves. So I think that these are strong decisions that will also contribute to maintain our debt at a very attractive level on the euro and dollar markets.
We have slightly over 5 minutes left and we cannot finish this Q and A session without talking about the shareholder policy. There are several questions, Patrick Poullianne. There are 3 that sum up most of them. First of all, Bertrand Levy, the transition of total towards new energies that are not as profitable as the traditional activities of the group. Does this mean that you will continue to have generous dividends in the future and for how long?
Vincent wonders if in light of the climate challenge, maintaining such an attractive dividend Might limit our capacity to invest in the future. And Dominique Bruguera, the share of Total is Decreasing when the whole market is increasing? Is this a temporary rate?
What is certain is if I stop investing in oil, the dividends will be reached. You need to be clear. And I said it again in my speech, all of the strategy for transition is to be capable to carry out this transition and this change of the time while continuing to serve our shareholders because We need their trust and we need to pay them the dividend that we've been paying them for 40 years. So I said I would not be the 1st CEO of TOTAL To decrease the dividend, you saw that even in 2020 when the temptation was really strong faced with what our competitors did, We resisted it and I believe that we were right in doing this. And yes, we can continue to ensure the dividend because we are going to Steer this hydrocarbon piece and while we keep them and decrease them slowly, we are going to build the new revenue And the new businesses for the first time, the gas, renewables and power has reached €1,000,000,000 for the Q1.
What we're doing is building the future cash flow for Total after 2,030. But in order to do this, we need to invest. And so we need money and it takes time to build engines. I'm now going to replace the $15,000,000,000 of cash flow From exploration production by a few megawatts of renewable energy is just not possible. We need time.
And this is where I'm asking our shareholders A commitment and a support for our transformation strategy, but also to be patient And accept the idea that over the next decade, yes, Total will be green. I like the color of a large Newspaper in France with black barrel because they are energy and they generate the cash flow that allow us to pay the dividends. So this strategy has a clear goal. Number 1, to provide the cash flow relays for tomorrow and number 2, to help us get out of the oil and gas sector that has a problem of the volatility of the prices like Jean Pierre said. And it also has a sustainability problem.
And the word that you need to keep in mind that I've only used it once in my speech, What underpins the strategy to the multi energy is to demonstrate that that is sustainable. We want to build A sustainable model. Sustainable development is also the model of the company and it's contributing the answers for this. And for the same reason, 10 years ago, electricians were lost with coal and now they're told they're the green utilities when they only have 20 5% of green in their portfolios. I'm convinced that we need to go full steam ahead in this.
I don't know what black and green look like, but I hope that the stock markets will recognize the best in class of this sector. So those are the companies because what we're building is to be one of the players who will invest the most in energy transition because there'll be 1,000,000,000 of dollars. Maybe in percentage it might not be A lot, we're a giant of the hydrocarbon industry. We're not going to walk away from this. But because we have a giant, we are a giant, We have a capacity to become a major player of green energy, and I want by 2,030 to be a major of these energies.
So Vincent's question, would it be a hurdle for your investment? And if it was a hurdle, we'd share it with our shareholders. To invest, money is not sufficient. You need to have women, men projects. The acceleration that we've experienced since 2020 is spectacular.
People don't realize we had 5 megawatts. We are now at 35 gigawatts. We are building one of the strongest projects in the portfolio, but all of this is asking for time And labor and it's not easy with the COVID. We're signing partnerships with Adani Green. We are absolutely not limited by our ambition, But the demand that I have, and it is that of the Board, is that our investments in renewables are profitable.
We've set a threshold of 10% profitability on our equity and that is the demand that I have. It's not volumes For the sake of volumes, it's to find projects. There are projects on the planet. Success will come as we go and you'll see that as often with Total, Once people are convinced, things will increase and our renewable explorers will find many projects in which we can increase Well, success will come as you go and that will be the conclusion of this Q and A. Thank you very much, Laurent Grasins.
I have documents everywhere. And so thank you. I'm sorry to have answered faster at the end. I know that we took a little bit longer. I took 10 minutes and my Christine took 10 minutes.
So the balance of governance is perfect because we've Both responsible for the 10 extra minutes. So we're going to wrap up this assembly in a reasonable time. So coming back To the results of the vote of the resolutions. So we continue to have these exchanges with the communication teams of the group. So The resolutions that were submitted to the vote of this assembly, so these are pages 29 to 35 of the Brochure that was made available on the total.com web.
So each resolution will be identified by its number and Summarize before we announce the vote. So the shares that are 2 years old have a dual vote. I'd like to also say that the shareholders have a quorum that is superior to what was needed. So we can consider the ordinary shareholder as an extraordinary shareholders meeting. So we have the majority of the votes expressed For the ordinary, so 1 to 14, the General Assembly has 2 thirds of the votes For the extraordinary shareholders meeting, which are resolutions 15 to 17, the votes That where the shareholder abstained or voted nil are not expressed.
So this is a result of the resolutions because again the votes were stopped last night at 18 p. M. On the electronic platforms according to the rules existing now. So the first one is the approval Of the corporate accounts, so we have €7,238,000,000 The consolidated accounts For the group share of minus €7,000,000,000 So the first resolution is approved at €98.77 and the second at €98.57, so both of those resolutions are approved. 3rd resolution, Which is the total SE benefits and the dividend of 3 point €64 So this resolution is approved at 99.25 percent.
So the shareholders would rather keep the dividend than have me invested too much in renewables. Resolutions 45, The 4th one authorizes your board to trade the shares of the company and the 5th one to approve the special report Of the Audit Board on the agreement of Article L22538 and following of the commercial code. So both of these are approved at 97.21 percent for 4 and 99.97 for Resolution 5. Resolution 6 and 7 are The renewal of the mandates mine as a director and Anne Marie Dirac for a duration of 3 years, Mine is 77.39 percent and Anne Marie Draca at 99.02%. Congratulations, Anne Marie, and I'm thanking the shareholders for their renewed trust.
Marie Christine Coine Rocket having Why the Board wanted to keep the unicity of my roles and functions, and this expresses the support to this form of governance of the company. Resolutions 8 and 9 are the nomination of Mr. Jean Aschenbusch and Mr. Clint Herbert as both as Directors for 3 years. The resolutions 8 is 89.59 percent and for Glen Hubbard at 98.79 percent.
In the name of the Board, I want to sincerely congratulate both of them. Welcome to Toten's Board. Resolutions 1011 aim to approve the informations pertaining the compensation Of the executive officers as well as the policy to compensate the directors, they are both approved, 10 at 98.49 percent and the second at 99.66 percent. Once again, the policy is remaining unchanged for the Coming year. Resolutions 1213 concern the fixed variable and exceptional elements of the compensation paid for 2020 to the CEO and Chairman of the Board and for the 13 is the compensation policy for the CEO and the Chairman of the Board.
My Christine Coine Roquette has explained this to you. The first one is approved at 96.66 percent and the second is 60.27%. Resolution 14 is very important. It was the most expected and commented In the media, it is to have an opinion on the ambition of the company in terms of sustainable development and energy transition to carbon neutrality and objectives by 2,030. It is supported at 91.88%.
I read that above 90% It was deemed as good. So I thank the shareholders for their opinion. Resolution 15 is similar. It was modifying the statutes to change the name. And as I said, it is Real support because Total has been supported at 99.88 percent and this shows The trust that our shareholders have in the strategy of this company, Resolution 1617 are to give an authorization to the Board To grant free shares to the existing company or to emit it for the employees And 17th is the capital increase for the employees who are part of A savings plan both are approved at 96.75 percent for 2016 and 99.46 percent at 17.
So the resolutions were voted. And because the agenda has now been fulfilled, I wanted to wrap up officially. I wanted to support you for the unanimous support that you've given to our new name, TotalEnergies that anchors Our new strategy, but also for supporting this resolution on the ambition of your company in terms Of sustainable development and carbon neutrality. I think that this result is one of the best answers to the commentators Who were hoping for a revolt of the shareholders against the company and help those who behave more like activists than shareholders. So most of the shareholders who voted for this Did not do it to spare Total, but because they perceive a real sincere process of transformation.
And this vote is the approval of an audacious and demanding strategy. This very strong support for us, the men and women of Total, it means A huge commitment and a tremendous requirement, transforming ourselves in a broad energy company, placing Carbon neutrality, the core of its energy, is going to mobilize all of us. And the reality is that TotalEnergies is becoming one of the most active players in energy Transition, thank you for your trust. We will not disappoint you. I want to thank you for taking part in this General Assembly.
The dates of our next meetings are on total.com. The next shareholder meeting, which I hope will not be virtual again,