TotalEnergies purchased a 19.75% stake in Adani Green Energy in January 2021 – after the Indian company won what was then the world’s largest solar order, and just months before the payments to officials were alleged to have begun.
| Photo Credit: Reuters

French oil major TotalEnergies SE was not informed of a U.S. investigation into possible bribery and corruption at Adani Green Energy Limited, it said on Monday (November 25, 2024), adding it will stop financial contributions to investments with Adani Group companies following last week’s U.S. federal indictment.

“Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies,” the company said in a statement.

“TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme,” the company added.

U.S. prosecutors on Thursday (November 21, 2024) charged eight people — including Indian tycoon Gautam Adani, his nephew Sagar Adani and the former CEO of Adani Green Energy Limited — with promising and then making improper payments to Indian officials between July 2021 and 2024 for business advantages.

The French firm purchased a 19.75% stake in Adani Green Energy in January 2021 – after the Indian company won what was then the world’s largest solar order, and just months before the payments to officials were alleged to have begun.

Total also owns a 37.4% stake in Adani Total Gas Limited, as well as a 50% stake in three renewable joint ventures with Adani Green Energy.

Two of those joint ventures were entered into after the FBI served search warrants on Sagar Adani and seized evidence related to Adani Green Energy.

TotalEnergies shares were down 0.04% at 0945 GMT on Monday (November 25, 2024).

Ahmedabad (Gujarat):

Adani Green Energy Limited (AGEL) and TotalEnergies have announced the formation of a joint venture (JV), equally owned by both partners, to manage a portfolio of 1,150 MW solar projects.

According to Adani Renewables, these projects are part of the world’s largest renewable energy plant located in Khavda, Gujarat. AGEL will contribute its existing assets to the JV, while TotalEnergies will invest USD 444 million to accelerate the development of these projects.

This investment highlights AGEL and TotalEnergies’ commitment to strengthening their collaboration and supporting India’s transition to clean energy. It also demonstrates AGEL’s proven ability to deliver green energy rapidly and at scale.

The electricity generated from these 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and on the wholesale market. AGEL is developing the world’s largest renewable energy plant on a barren wasteland in Khavda, Gujarat, covering an area of 538 square kilometers–five times the size of Paris.

AGEL has already operationalized 2,250 MW of solar and wind energy capacity at the site. Once completed, the plant will provide affordable clean energy to over 16 million homes in India, create more than 15,200 green jobs, and avoid approximately 58 million tons of CO2 emissions annually.

The signing and completion of this transaction are subject to customary closing conditions, including regulatory approvals.

Adani Green Energy Limited (AGEL) is one of the largest renewable companies in India, with a current project portfolio of 20,434 MW. According to the company website, the company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects driven by the Adani Group’s philosophy of ‘Growth with Goodness’,. The electricity generated is supplied to central and state government entities and government-backed corporations. The company has a portfolio of 54 operational projects and 12 projects under construction.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Saudi Aramco, Coal India and Gazprom did not immediately respond to requests for comment.
| Photo Credit: AP

“The vast majority of planet-warming carbondioxide emissions since 2016 can be traced to a group of just 57 fossil fuels and cement producers,” researchers said on April 4.

“From 2016 to 2022, the 57 entities including nation-states, state-owned firms and investor-owned companies produced 80% of the world’s CO2 emissions from fossil fuels and cement production,” said the Carbon Majors report by non-profit think tank InfluenceMap.

“The world’s top three CO2-emitting companies in the period were state-owned oil firm Saudi Aramco, Russia’s state-owned energy giant Gazprom and state-owned producer Coal India,” the report said.

Saudi Aramco, Coal India and Gazprom did not immediately respond to requests for comment.

The report found most companies had expanded their fossil fuel production since 2015, the year when nearly all countries signed the U.N. Paris Agreement, committing to take action to curb climate change.

Since then, while many governments and companies have set tougher emissions targets and rapidly expanded renewable energy, they have also produced and burned more fossil fuels, causing emissions to rise.

“Global energy-related CO2 emissions hit a record high last year,” the International Energy Agency has said.

InfluenceMap said its findings showed that a relatively small group of emitters were responsible for the bulk of ongoing CO2 emissions, and it aimed to increase transparency around which governments and companies were causing climate change.

“It can be used in a variety of cases, ranging from legal processes seeking to hold these producers to account for climate damages, or it can be used by academics in quantifying their contributions, or by campaign groups, or even by investors,” InfluenceMap Programme Manager Daan Van Acker said of the report.

A previous edition of the Carbon Majors database was cited last month in a legal case brought by a Belgian farmer against French oil and gas company TotalEnergies. The farmer argued that as one of the world’s top 20 CO2-emitting companies, TotalEnergies was partly responsible for damage to his operations from extreme weather.

The database was first launched in 2013 by the non-profit research organisation Climate Accountability Institute. It combines companies’ self-reported data on coal, oil and gas production with sources like the U.S. Energy Information Administration, national mining associations and other industry data.

Carroll Muffett, CEO of the non-profit Center for International Environmental Law said the database would improve investors’ and litigators’ ability to track companies’ actions over time.