The prospect of an energy transition without CO2 pricing will be “zero”, according to TotalEnergies CEO Patrick Pouyanne.

Speaking in an earnings presentation in London yesterday he advocated the importance of having a clear CO2 pricing framework in the market. “Then if you want to make an exception for the high emitters for heavy industries, you have ways to do it,” he said.

Stephane Michel, President Gas, Renewables and Power said, “We are a buyer of CO2 for refineries … so it’s clear that integrated power will benefit from an increase of CO2. There is a question mark today on where that market is going, given the balance between the speed of the decrease and potentially the increase in demand.”

He agreed that if the transition is to accelerate industry will need a higher price of CO2. TotalEnergies integrates internal carbon pricing of around $80 per tonne of CO2 into its decarbonisation investment decisions.

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