#1TotalEnergies TotalEnergies Energy Outlook 2022#2Energy trends since 2000: transition has started GDP growth decoupled from total energy demand and CO2 emissions growth Index of key indicators 2000=100 200 Te TotalEnergies 150 100 2000 2005 2 TotalEnergies Energy Outlook 2022 2010 2015 2020 CAGR 2000/2019 GDP 3,5% → Power fastest growing energy, oil slowest one Electricity demand 3,2% Coal demand 2,7% → Coal growth, triggered by China take-off since 2000, slowing since 2015 Natural gas demand 2,6% Renewables demand 2,5% Total energy demand 2,0% CO2 emissions 1,9% Energy int. gains 1,5% Oil demand 1,1% → Natural gas and renewables growing at the same speed → Energy intensity gains explaining most of the decoupling between GDP and emissions growth As in 2000, fossil fuels still make up 81% of the energy mix in 2019#3Will current market disruptions speed up or slow down the energy transition? TotalEnergies 2021 demand rebound due to stronger than expected economic growth +6% energy demand in 2021, vs. +4% anticipated in TEO21 Energy security and sovereignty back in focus: oil and gas matter 'Save gas for a safe winter' - Ursula Von der Leyen Energy affordability is fundamental: high energy bills becoming a major issue European electricity prices topped @1000€/boe Short term coal consumption and CO2 on the rise Coal demand +7% in 2021, energy-related CO2 +2 Gt Higher prices may favor efficiency gains (via substitution or demand reduction) 2011-2014 high energy prices example: efficiency gains x2 Renewed ambitions for electrification and REN deployments REPowerEU, IRA in the US Clean H₂ potential gaining traction 20 Mt Green H2 in EU in 2030 target, strong fiscal incentives in IRA in the US COP27 focus on just transition for emerging countries Developed countries to deliver the promised 100 G$/y Need to preserve energy security & affordability through the transition 3 | TotalEnergies Energy Outlook 2022#4TotalEnergies Energy Outlook 2022 Two demand scenarios to 2050 Te TotalEnergies Momentum A forward-looking scenario building on NZ50 commitments 40 Net-Zero by 2050 countries included in our scenario Announced targets and NDCs of other countries, in particular China (2060), Russia (2060) and India (2070) Same framework as IEA APS Rupture A back-casting approach Paris agreement well-below 2°C target achieved, based on IPCC emissions scenarios Meeting this target requires a concerted effort to rebuild the energy system at a global scale Temperature rising by 2.1-2.3°C* in 2100 4 | TotalEnergies Energy Outlook 2022 * Temperature increase limited to 1.7°C* with a Rupture+ sensitivity resulting in a 1.5°C scenario** At P66, temperature ranges ascertained by comparing energy-related CO2 emissions trajectories with the IPCC AR6 scenarios. **At P50 (same as IEA NZE)#5Key features of our 2022 scenarios. Te TotalEnergies Momentum: accelerating the ramp-up of greener molecules and electrons • Starts with higher fossil fuels demand and higher emissions - so more efforts needed Transport revolution under way: massive road electrification for Light and Heavy Duty Vehicles; increased Sustainable Liquid Fuels (incl. SAF) ambitions for marine and aviation Speeding up end-use electrification with strong growth in REN deployments Natural gas keeping strong role as key transition energy in power and industry, much less in mobility Biofuels and biogas penetrating selected segments H₂ potential confirmed with ramp up after 2030 High polymer recycling objectives GDP growth +3.0%/yr Energy growth: +0.4%/yr GDP growth +3.0%/yr Energy growth: +0.2%/yr Rupture: how to reach well-below 2°C Necessary dissemination at scale of decarbonization drivers to all emerging economies Speeding up energy switch to reduce emission and increase energy efficiency Further development of electricity & renewables Extension of road transport revolution with higher ZEV* penetration worldwide Higher penetration of new energy carriers (clean H₂ in industry & transport, e-fuels, biofuels and biogas...) 5 TotalEnergies Energy Outlook 2022 * Zero-emission vehicle#6The energy transition must be just Meeting the needs of growing populations in developing economies Changes in Non-OECD primary energy demand 2019-2050 (Momentum) PJ/d 3000 Mostly transition from inefficient traditional energy to modern energy including electricity TotalEnergies Changes in OECD* primary energy demand 2019-2050 (Momentum) PJ/d 2000 60% 1000 • • 71% 2019 Population GDP per capita Energy efficiency 2050 CAGRS: +0,8% +2,8% -2,6% +1,0% 37% High electrification and energy efficiency efforts 26% 2019 Population GDP per capita Energy efficiency 2050 CAGRS: +0,2% +1,6% -2,5% -0,7% Global energy demand growth of +0.4% p.a. from 2019 to 2050 reflects 2 opposite trends: non-OECD +1.0% p.a. and OECD -0.7% p.a. OECD countries need to support the clean transition in developing countries through financing and technology transfers 6 TotalEnergies Energy Outlook 2022 * Sum of OECD and non-OECD demands not equal to total demand as international transport (bunkers) not reallocated#7How to curb emissions? A comprehensive transformation of our energy production and usage Global anthropogenic GHG emissions in 2019 GtCO2e ~58 Gt Te TotalEnergies Global energy-related CO2 emissions in 2019 GtCO2 5 10 15 50 25 Energy-related CO2: 33 Gt Methane from oil & gas* Methane emissions from coal* Methane from agriculture, waste CO2 from industrial processes CO2 from land-use change Other greenhouse gases (N2O...) Power & Heat Transport Industry Res. & Com. Other energy use** Agriculture ■ Coal ■Oil ■Gas Decarbonization of power and transport are the key priorities Reducing methane emissions is also mandatory * 7 | TotalEnergies Energy Outlook 2022 Production & transport of fossil fuels ** Includes energy sector own use, transport losses, and energy transformation#8Key modeling drivers of our scenarios Sector-based assumptions 2019 Momentum 2050 TotalEnergies Rupture 2050 Strong electrification of end-use 海 Deep decarbonization of power supply Gas going greener Sustainable mobility ㄠ ✰ Increasing plastics' circularity ~100% kerosene fueling aircrafts 7% of gross demand recycled 2 100 TWh* ~20% of final demand -30% 24 000 TWh* (-50%) -20% -40% 34 000 TWh* (-60%) -35% (8% of power generation) <1% green gases** in gas supply <1% BEV & FCEV*** in light vehicles fleet -65% Sust. aviation fuels (SAF) @-45% of demand -40% -80% SAF @ -60% -60% CO CCS to abate remaining emissions Energy efficiency acceleration ~35 Mt (0.1% CO2 emissions) 1.5%/yr energy intensity improvement since 2000 3 Gt (~15%) 6.5 Gt (~50%) +2.4%/yr +2.6%/yr 8 | TotalEnergies Energy Outlook 2022 * ** *** Excluding REN generation for green H2 Green gases include Biomethane and H2 but excluding H2 share for liquid e-fuels production Battery-Electric Vehicles and Fuel-cell Electric Vehicles#9Te TotalEnergies Momentum Key energy transition levers: . • Revolution in Transport • Massive growth in clean power • Increased penetration of clean hydrogen Momentum wrap-up#10Electrification of Light Duty Vehicles Widespread penetration in China and NZ 2050 countries Light Duty Vehicles* final consumption (Momentum) PJ/d Light Duty Vehicles fleet (Momentum) Billion TotalEnergies 150 100 50 2019 2030 2050 4 3 H2-based** Electricity 2 Biofuels & Biogas Natural gas Oil • LDV: 47% of 2019 transport final energy demand and CO2 emissions • Electricity confirmed as the primary decarbonization driver • • - ~ 5 PJd/~ 1 Mbd oil displaced in 2021, mainly for 2-3 wheelers Supplying the additional power required for mobility will require significant infrastructure investments 10 TotalEnergies Energy Outlook 2022 * ** 1 Electricity + H₂-based 2015 2020 2025 2030 2035 2040 2045 2050 • Massive Electric Vehicles (EV) penetration supported by Internal Combustion Engine sales ban in 2035 in Europe and part of the US, together with ambitious EV targets in China By 2050, 100% of fleet converted to electricity or H2-based fuels in Net-Zero countries, and ~ 55% elsewhere (China ~90%) LDV = Light Vehicles (Passenger cars + Light Commercial Vehicles) + 2-3 wheelers Includes H2, e-fuels (H2 + CO2) Momentum#11Mix diversification in Heavy Duty Vehicles A full set of clean energies will contribute to trucking decarbonization Heavy Duty Vehicles * final consumption (Momentum) PJ/d TotalEnergies Zero Emissions Vehicles share of HDV traffic (Momentum) 2050, % of km travelled . 100 50 2019 2030 2050 H₂-based** Electricity Biofuels & Biogas Natural gas Oil HDV: 28% of 2019 transport final energy demand and CO2 emissions A mix of clean energies (electricity, hydrogen and bioenergies) required to decarbonize trucking; electric powertrains leading the way. Even though HDV slower to decarbonize than Light Vehicles, oil share decreased to about half of the energy demand by 2050 11 TotalEnergies Energy Outlook 2022 Urban vehicles (~30% of HDV traffic) Long haul (~70% of HDV traffic) Elec. H₂-based** 50% • Urban and some regional/long haul application see a rapid battery-based EV trucks development 100% Fuel-cells penetration rate more progressive, nonetheless taking an important share especially for long haul trips * Trucks + Buses + Coaches ** Includes Fuel cells and H2, e-fuels (H2 + CO2) Momentum#12Multiple decarbonization paths for Aviation & Marine Bioenergies and H2-based fuels to decarbonize these hard-to-abate sectors Aviation final consumption (Momentum) PJ/d TotalEnergies Marine final consumption (Momentum) PJ/d 严 50 25 2019 2030 2050 50 H₂-based** Electricity Biofuels 25 Oil • • • Aviation: 12% of 2019 Transport final energy demand and CO2 emissions Drop-in decarbonation solutions (Sustainable Aviation Fuels*) required to decarbonize aviation as electricity and hydrogen will remain limited Aviation to capture an increasing share of biofuels supply after 2030 at the expense of road 12 | TotalEnergies Energy Outlook 2022 * 2019 H2-based** Electricity Biofuels & Biogas LNG Oil 2030 2050 • • Marine: 10% of 2019 Transport final energy demand and CO2 emissions LNG and bioenergies will play a key role as part of the energy transition • Clean H2-based fuels (e-methanol, e-ammonia,...) deployed after 2035 to substitute oil Sustainable Aviation Fuels = biofuels + e-fuels ** Includes H2, e-fuels (H2 + CO2), methanol, ammonia... Momentum#13Significant growth of low carbon power generation Led by solar & wind Power generation, excluding power for Green H₂ (Momentum) TWh TotalEnergies Power capacities, excluding for Green H2 (Momentum) GW 60 000 30 000 2019 8 000 Other renewables Bioenergy* Hydro 6 000 Nuclear 4 000 Solar & Wind 2000 Natural gas Oil Coal 2030 2050 2000 2010 2020 2030 2040 2050 Solar Wind Coal • Power demand and generation almost doubling by 2050 (+2% p.a.), with wind & solar representing ~90% of new generation • Solar & wind capacities multiplied by ~7 in 30 years, representing 60% of all power capacities in 2050 • • Huge decrease of coal-fired generation, complete phase-out in NZ countries Despite strong gas-to-REN switch, gas grows in absolute terms to manage variability of solar & wind and demand seasonality • Coal capacities starting to decrease in the late 20's • Average power emission factor reduced by ~75% by 2050 (net of CCS) • Renewed investment in nuclear 13 | TotalEnergies Energy Outlook 2022 * Includes traditional use of biomass, waste, biofuels, biogas... Momentum#14World Oil & Natural Gas Natural gas key for energy transition; oil starts decreasing after 2030 Natural gas demand by sector, excluding gas for Blue H₂ (Momentum) Bcm Oil demand by sector (Momentum) Mb/d Te TotalEnergies 5 000 2 500 • 2019 2030 2050 Other sectors* Transport Res&Com 100 50 Industry Power Gen Natural gas is a key transition fuel, growing by +0.2% p.a. to 2050, with a plateau from the 2030's • Natural gas to displace coal in Power and Industry • Gas use in transport remains mainly focused on Marine 14 | TotalEnergies Energy Outlook 2022 • • 2019 -2.3% p.a. Transport Industry Res&Com Other sectors* 2030 2050 Slight oil demand increase until early 2030 Decrease post-2030 slower than the natural decline of producing oil fields, requiring continued investment * Other energy use, non-energy use and agriculture... Momentum#15What about clean hydrogen? Mostly used for hard-to-abate sectors Clean H₂ balance (Momentum) MtH2 > 300 300 Other sectors* 200 Res. & Com. Power Industry -2/3 Green H2 Te TotalEnergies Nat Gas and Power demand including H2 (Momentum) Bcm & TWh 5 000 Added gas demand + 500 Bcm gas for H₂ 60 000 11% Added power demand + 8 000 TWh power for H₂ 14% 100 Transport 0 2019 2030 2050 2050 ~1/3 Blue H2 • Clean hydrogen demand driven by Net-Zero 2050 countries and China • • Scale-up takes time; significant potential after 2030 Transport: H₂ used in fuel cells and e-fuels (e-ammonia, e-methanol, e-jet) • EU mostly green H₂, US & China blue & green 15 TotalEnergies Energy Outlook 2022 2 500 2019 2050 30 000 2019 2050 • Blue H2 and power generation main drivers of gas demand growth • 110 Mt Blue H₂ production will require ~1Gt CCS by 2050 • Green H₂ an important driver of strong power demand growth, together with Res. & Com., transport and industry • x3 of today's solar & wind capacities dedicated to Green H₂ by 2050 * Other energy use, non-energy use and agriculture... Momentum#16World Total Final Consumption Electricity outstrips oil in the early 2040s Total final consumption PJ/d 1 000 500 • 2019 11 2030 2050 Other renewables H2-based* Heat Electricity Biofuels Biomass Biogas Natural gas Oil Final energy mix more and more diversified Energy-related CO2 emissions by sector Gt Te TotalEnergies 110 Transport Industry 5 Res&Com Coal 2000 2010 2020 2030 2040 2050 • End-user electrification via clean power #1 driver of all NZ50 policies Fossil fuels share down from 2/3 to ~45% 16 | TotalEnergies Energy Outlook 2022 • In momentum, emissions curbed first and foremost from transport, the n 1 end-user emitting sector today * Includes H2, e-fuels (H2 + CO2), methanol, ammonia... Momentum#17World energy demand and CO2 emissions Great effort towards energy transition but insufficient to meet global targets Te TotalEnergies Total primary energy demand PJ/d 2 000 1 000 • 2019 Energy-related CO2 emissions Gt Other renewables 30 Solar & Wind Bioenergy* Hydro Nuclear 15 Natural gas Oil Coal 2000 2010 2020 2030 2040 2050 2030 2050 Primary energy demand up by ~15% by 2050 • Renewables & natural gas both growing, playing key complementary roles • Energy-related CO2 emissions-drop by ~35% to reach 21 Gt in 2050 (net of ~3 Gt CCS, mainly in power, blue H2 and industry) Temperature would rise by +2.1-2.3 C by 2100 (P66) * Includes traditional use of biomass, waste, biofuels, biogas... 17 TotalEnergies Energy Outlook 2022 Momentum#18Zoom Te TotalEnergies A closer look at NZE countries EU27: progressing its Green Deal Africa: a promising energy transition path#19Net Zero by 2050 countries At the forefront of the energy transition 10 5 اسکا علم New in TEO 2022: Australia, UAE, Singapore and Taiwan Population Billion people 15% 12% 2019 2050 300 200 100 19 | TotalEnergies Energy Outlook 2022 GDP PPP, real, T$ 2000 1 000 Energy demand PJ/d Te TotalEnergies Main game changers in Net-Zero 2050 countries Rest of world → Power generation carbon-neutral by 2040 (net of CCS) Renewables @80% of 2050 power generation, natural gas to manage variability Road Transport carbon-neutral by 2050 ~ 100% of fleet converted to electricity or hydrogen by 2050 → Electrification with clean power Electricity @46% of 2050 final consumption (World: 33%) → Leading in clean H2 and green gases penetration 40% of green gases in 2050 total gases demand 30% 36% 43% 24% NZ 2050 countries 2019 2050 2019 2050 Zoom#20Net Zero by 2050 countries Forging the net-zero emissions pathway NZ 2050 countries primary energy demand PJ/d 500 2019 Other renewables Solar & Wind Bioenergy* Hydro Nuclear Natural gas Oil Coal 2030 2050 • NZ 2050 countries energy demand to fall by ~25% in 30 years • Fossil fuels share fall from almost 80% to less than 40% in 2050 • Residual oil demand mainly in transport and petrochemicals . Natural gas keeping a strong role in power and for blue H2 production 20 TotalEnergies Energy Outlook 2022 World energy-related CO2 emissions Gt Te TotalEnergies 40 40 20 • • Momentum Non-NZ 2050 countries (Momentum) NZ 2050 countries 2000 2010 2020 2030 2040 2050 After 2 Gt of CCS, 1 Gt of emissions remaining in 2050 Net-Zero countries' efforts far from sufficient Full decarbonization of non-OECD countries will not happen without cooperation and support from NZ countries * Includes modern use of bioenergy such as biofuels, biogas... Zoom#21EU27 Leveraging short-term emergency measures to engage structural transformation EU27 primary energy demand PJ/d EU27 power generation (incl. Green H₂) TWh Te TotalEnergies 200 • • 2019 Energy intensity gains 4.000 Other renewables Solar & Wind 2000 Bioenergy* Hydro Nuclear Natural gas Oil Coal 2030 2050 EU leading the NZ50 countries in reducing fossil fuels, using bioenergy and deploying REN Current energy crisis a unique opportunity to pursue energy efficiency efforts: reduces demand by ~15% by 2030 • Cost of green transition and increased energy security being endorsed by EU governments 21 TotalEnergies Energy Outlook 2022 • • 2019 2030 2050 Other REN Off. wind Ons. wind Solar Bioenergy Hydro Nuclear Natural gas Coal Power generation level & REN capacities consistent with 2030 Fit for 55 Non-carbon sources reach 95% of EU27 power generation by 2050, driven by a 7-fold increase in Solar & Wind generation Very high share of wind generation creates favorable conditions for green H₂ production, 30 Mt by 2050 consuming 25% of power generation * Includes modern use of bioenergy such as biofuels, biogas... Zoom#22Africa A continent with huge untapped resources Today As of 2019 TotalEnergies Energy-related Population Energy demand CO₂ emissions 10 2000 40 World Africa 5 1 000 20 17% 6% Billion people 4% PJ/d GtCO2 Energy potential Renewables 10 TW 350 GW Oil & gas reserves** 65 years 27 years Potential capacity* 110 GW Installed capacity as 2019 11% 0.1% 5% Solar Hydro Wind Oil Gas Tomorrow (Momentum 2050) Population ...with electricity Energy demand Energy-related CO2 emissions x2 x2.5 x1.5 x1.5 22 TotalEnergies Energy Outlook 2022 Source: African Development Bank ** 2P + 2C reserves/production in 2019 Zoom#23Africa More energy to improve the living standards of a growing population Africa primary energy demand PJ/d 150 100 50 Other renewables Solar & Wind Modern bioenergy Traditional biomass Hydro Nuclear Natural gas Oil Coal 2019 2050 2050 Momentum Rupture 23 TotalEnergies Energy Outlook 2022 Te TotalEnergies - - Momentum Energy demand growth of 1.4% p.a. to 2050 - Urbanization facilitates partial transition away from inefficient and highly-emitting traditional biomass to cleaner modern energies Energy mix leveraging domestic oil & gas resources, with modest impact on CO2 emissions Moderate development of solar, wind and hydro Rupture - Energy demand growth of 0.5% p.a. to 2050 - Elimination of traditional biomass thanks to quasi-universal electrification - Accelerated development of intermittent renewables and hydro, leading to an almost total phase out of coal Oil & gas resources continue to play important roles to support economic and social development Zoom#24Africa Massive electrification with renewables, driven by urbanization Africa power generation TWh Africa power demand by sector TWh Te TotalEnergies 4 000 2000 Other renewables Bioenergy* 4 000 Wind Solar 2000 861 2579 4032 Hydro Coal Nuclear Natural gas Oil 2019 2050 2050 2019 Momentum Rupture 2050 Momentum 2050 Rupture Other sectors** Agriculture Transport Industry Res. & Com. Power demand growth of 3.6% p.a. (Momentum) & 5.1% p.a. (Rupture) Strong urbanization leading to significant Res&Com expansion, accounting for half of power growth to 2050 in both scenarios • Between 2019 and 2050, power generation multiplied by 3 in Momentum and by 5 in Rupture. Solar, hydro, and wind accounting for more than 80% of growth (100% in Rupture) Significant financial transfers from OECD countries required to fund clean infrastructure projects Strong improvements in power sector governance also mandatory 24 | TotalEnergies Energy Outlook 2022 • * Includes traditional use of biomass, waste, biofuels, biogas. ** Other energy use and non-energy use Zoom#25Rupture Key additional levers: . Accelerated electrification of demand • Accelerated deployment of REN Rupture wrap-up - CO2 emissions Te TotalEnergies#26World Total Final Consumption Increased electrification in non-OECD essential to remain well-below 2 C Total final consumption PJ/d CO2 emissions by sector Gt Te TotalEnergies 1 000 500 2019 2050 Momentum 2050 Rupture 10 Other renewables H₂-based* Heat Electricity 5 Biofuels Biomass Biogas Natural gas Oil Coal Momentum Rupture Transport Industry Res&Com 2000 2010 2020 2030 2040 2050 2020 2030 2040 2050 • Electricity, H₂-based fuels, bioenergies accounting for two thirds of final energy demand in Rupture 2050 • Transport emissions divided by 3 in Rupture 2050 (by 2 in Momentum) with accelerated electrification • Almost complete phase-out of coal, strong reduction in oil • Industry emissions reduced to ~80% of current level in Rupture 2050 (~10% in Momentum) • Continued role for natural gas and green gases 26 TotalEnergies Energy Outlook 2022 * Includes H2, e-fuels (H2 + CO2), methanol, ammonia... Rupture#27World demand in Transport Accelerated substitution away from oil on a global scale Transport total final consumption PJ/d Electricity and fuel cells share in 2050 LV fleet (Billions Vehicles) and HDV traffic (km) % Te TotalEnergies 400 200 2019 2050 Momentum 2050 Rupture LV fleet H₂-based* HDV traffic Electricity Biofuels Biogas Natural gas Oil • In Rupture, oil represents less than 1/3 of transport final energy demand as alternatives are widely deployed in all segments Electricity, together with advanced fuels (bio-based and H2-based) will drive decarbonization. 27 TotalEnergies Energy Outlook 2022 * 50% Momentum 100% Rupture Non-fossil fuels share of energy demand in 2050 % Momentum Rupture Aviation Marine • Non-fossil share becoming dominant in all transport modes • 50% CO2 emissions reduction in 2050 for marine (vs 2005) and for aviation (vs 2008) Includes H2, e-fuels (H2 + CO2), methanol, ammonia... Rupture#28World demand in Industry and Res. & Com. Deep electrification and strong efficiency gains Industry total final consumption PJ/d Res. & Com. Total final consumption PJ/d Te TotalEnergies 600 300 2019 2050 Momentum 2050 Rupture Other renewables H2-based* Heat 400 Electricity Biomass Biogas Natural gas Oil Coal Industry deep decarbonization enabled by multiple in-depth changes: Coal-to-gas substitution wherever possible, then gas-to-electricity Adoption of H₂ for select processes (ex: steel DRI, fertilizers) - CCS for industry in 2050 tripling from 0,5 Gt in Momentum to ~1.5 Gt in Rupture 28 | Total Energies Energy Outlook 2022 200 • • Other renewables H2-based* Heat Electricity Biomass Biogas Natural gas Oil 2019 2050 Momentum 2050 Rupture Flat Rupture Res&Com demand by 2050 thanks to major energy efficiency gains (buildings, lighting, appliances,...) Deep penetration of electricity facilitated by urbanization and massive power networks" development • Buildings renovation needs to be dramatically accelerated from current rates, requiring targeted support mechanisms * Includes H2, e-fuels (H2 + CO2), methanol, ammonia... Rupture#29World Power demand and generation A world well-below 2 C requires a new power system Power generation, excluding Power for Green H₂ TWh Te TotalEnergies Power demand, excluding Power for Green H₂ TWh 60 000 30 000 60 000 Other renewables Bioenergy* Hydro Nuclear 30 000 Solar & Wind Natural gas Coal 2019 2050 Momentum 2050 Rupture • Solar & Wind generation in Rupture 2050-30% larger than total power generation today • 2019 2050 Momentum 2050 Rupture Other sectors** ** Transport Industry Res. & Com. Power demand accelerating at 2.5% p.a. to 2050 (vs. 2% p.a. in Momentum), with Res. & Com. and Industry demand doubling by 2050 in Rupture Transport electricity demand in 2050 representing almost one third of total power demand today • • Coal almost disappears in Rupture, natural gas still required to manage variability of renewable energies Massive renewable penetration requires deployment of energy storage systems (batteries, electrolysers), flexible power plants, and grid expansion 29 TotalEnergies Energy Outlook 2022 * ** • Includes traditional use of biomass, waste, biofuels, biogas. Other energy use and agriculture Rupture#30Clean Hydrogen Adding -20% to natural gas and power demand in 2050 Clean H₂ balance MtH2 Te TotalEnergies Nat Gas and Power demand by sector including H2 (Rupture) Bcm & TWh 500 400 > 300 300 Other sectors* Res. & Com. Power 200 Industry 100 Transport -470 0 2019 2050 Momentum 2050 Rupture 2050 -2/3 5 000 Green H₂ ~1/3 Blue H2 2 500 +770 Bcm gas for H₂ ~total Asian demand today 19% 60 000 2019 2050 30 000 +12500 TWh elec for H₂ -half world power demand today 18% 2019 2050 • H2 production taking off after 2030 drives up electricity & gas demand with CCS & electrolysis development • H2 becomes a significant growth driver for natural gas demand starting in the 2030's . Transport & Industry are the main users of clean H₂ • • Costs must come down and infrastructure must be built up in order to support H2 adoption and industrial scale up Power for Green H₂ pushes up power demand CAGR from 2.5%/y to 3.2%/y until 2050 30 TotalEnergies Energy Outlook 2022 * Other energy use, non-energy use and agriculture Rupture#31World Gases demand Towards low-carbon gases predominance Gases demand by sector Bcm* Gases demand by type Bcm* Te TotalEnergies 6.000 3 000 • • 2019 2050 2050 Momentum Rupture Nat gas plays its role as a key transition energy in all sectors (except ResCom) and to produce blue H₂ All gases combined growing ~1%/y to 2050 31 TotalEnergies Energy Outlook 2022 * ** *** Gas for blue H₂ Other sectors** Transport Res&Com Industry Power Gen • 6.000 3.000 2019 2050 Momentum 2050 Rupture Green gases and CCS-abated natural gas making 60% of world demand in 2050 in Rupture (1/3 in Momentum) For hydrogen: volumetric equivalence of natural gas in energy terms; H2 supply for liquid e-fuels production is excluded Other energy use, non-energy use and agriculture CCS-abated natural gas demand excl. the portion used to produce hydrogen through SMR+CCS Clean Hydrogen Biomethane CCS-abated Natural Gas*** Natural Gas Rupture#32World Liquids demand Demand plateaus over the decade Liquids (oil + biofuels + e-fuels) demand by sector Mb/d Biofuels + e-fuels demand in transport Mb/d Te TotalEnergies 100 50 2019 2050 Momentum 2050 Rupture E-fuels in Transport Biofuels in Transport Transport Industry, Res&com... • Oil demand will plateau until 2030, before reaching 62 Mb/d in Momentum and 37 Mb/d in Rupture in 2050 Sustainable Liquid Fuels represent more than 40% of Transport liquids demand in Rupture (45% biofuels and 55% e-fuels) 32 | TotalEnergies Energy Outlook 2022 20 20 10 • . 2019 2050 Momentum 2050 Rupture Marine Aviation Road Decarbonization of Transport will rely on massive development of Sustainable Liquid Fuels (biofuels supplemented after 2030 by e-fuels) E-fuels being a key alternative for marine and aviation sectors will require significant deployment during this decade to meet long-term demand Rupture#33World Primary Energy Demand Greening the energy system will enable sustainable growth for all Total primary energy demand PJ/d Total primary energy demand PJ/d 2 000 1 000 2 000 Other renewables Solar & Wind Bioenergy* Hydro Nuclear Natural gas Oil Coal 2019 2050 Momentum 2050 Rupture Te TotalEnergies Momentum Rupture World Rest of the world 1 000 NZ 2050 countries 2000 2010 2020 2030 2040 2050 2020 2030 2040 2050 • Primary energy demand up in both scenarios ensuring access to energy in non-NZ 2050 countries with increasing living standards • • • Rupture displaying a modest energy demand growth to 2050: 0.2%/y Coal use divided by 5 in 30 years, oil use by almost 3, while natural gas use, largely abated by CCS, remaining stable (key in power, industry and for blue H₂) Solar & Wind demand multiplied by 20, growing to more than 25% of the primary mix by 2050 33 Total Energies Energy Outlook 2022 * Includes traditional use of biomass, waste, biofuels, biogas... Rupture#34World energy-related CO2 emissions Strong abatements to expect from non-OECD; CCS & NBS* needed for Net-Zero Energy-related CO2 emissions Gt Energy-related CO2 emissions abatements Gt Te TotalEnergies • 30 15 SUPPLIERS וי End USERS 2019 CCS-3Gt 2050 Momentum 2050 Rupture CCS -6,5Gt DAC**, NBS... 30 15 2015 2020 2025 2030 2035 2040 2045 2050 All sectors hugely decreasing CO2 emissions in Rupture 2050 (Power -90%, Industry -80%, Res&Com and Transport -70% vs. 2019) • NZ2050 countries' pledges decreasing 2050 emissions by 3 Gt, requiring strong abatements from non-OECD countries • • 6,5 Gt of CCS mainly in power generation (50%) and industry (25%) Scaling up yet-to-be-industrialized technologies such as DAC*, as well as nature-based solutions, required to lower residual emissions (7 Gt in 2050) 34 TotalEnergies Energy Outlook 2022 * Nature-Based Solutions ** Direct Air Capture • Asia represents 70% of cumulative abatements needed to reach well-below 2 C Rupture scenario • Technical and financial support from OECD countries necessary to reach Net-Zero globally NZ countries commitments Momentum China India Other Asia ROW Rupture Rupture#35A decisive decade for the energy system Investment to double by 2030; supportive public policies required Investments in Oil & Gas and Low-carbon Power G$22 per year 3 000 2 000 1.000 Electricity networks Low-carbon power (Solar, Wind, ESS* and Electrolysers) TotalEnergies Global land required in 2050 (solar + onshore wind) km -500 000 - 900 000 km² → Onshore wind (~ 5 500 GW): 300 000 - 600 000 km → Solar PV (~15 000 GW): 200 000 - 300 000 km Not an issue at a global scale 2050; % of total land surface ~40% Oil & Gas 2015 2020 2030 2040 2050 <1% Low-density vegetation Land for REN Investment in new Oil & Gas developments are required until at least the mid 2030s, complementing maintenance spending to satisfy customer demand With energy-storage systems requirement and electrolyser deployment, low- carbon power investment is estimated to double by 2030 and to triple by 2050 Electricity networks investment to become as large as in low-carbon power Two distinct realities: • • Land-rich countries (e.g. US, China): challenge may be very long- distances to the demand centers Land-constrained countries (e.g. Europe): strong public support or even mandates required 35 TotalEnergies Energy Outlook 2022 * Energy-Storage Systems Rupture#36From well-below 2 C to 1.5 C Rupture+ sensitivity Rupture+: how to reach 1.5°C A combination of levers applied on the Rupture scenario from 2035 onwards: Energy-related CO2 emissions Gt 30 Te TotalEnergies Industry: fossil energy consumption in 2050 halved, replaced by carbon-free electricity and bioenergy for petrochemicals Momentum Transport 10% more LDVS switch to carbon-free electricity in 2040; 20% more in 2050; mainly in non-OECD Asia, CIS, Middle East and Africa 15 ResComfossil energy consumption halved in 2050, replaced by carbon-free electricity Rupture Rupture+ Power: further increase in carbon-free electricity generation; coal completely eliminated from power generation in 2050 2015 2020 2025 2030 2035 2040 2045 2050 CCS: 7,6 Gt CO2 in 2050, consistent with IEA NZE Meeting 1.5°C* requires another step-changes in energy supply & demand, driven by regulation, technology and behavior 36 | Total Energies Energy Outlook 2022 * At P50 Rupture+#37From well-below 2 C to 1.5 C Impact of Rupture+ sensitivity Total primary energy demand PJ/d 2000 1 000 2050 Rupture 2050 Rupture+ 2050 IEA NZE Other renewables Solar & Wind Bioenergy* Hydro Nuclear Natural gas Oil Coal Oil demand Mb/d Te TotalEnergies 100 50 2015 2020 2025 2030 2035 2040 2045 2050 • Energy demand is higher in 2050 than in 2019 in Rupture+, as in Rupture • Oil demand decreases significantly to 23 Mb/d in 2050, close to IEA NZE (24 Mb/d), but with a very different trajectory • Electricity and low-carbon H₂ increase share in transport, pushing up power generation for green H₂ 37 TotalEnergies Energy Outlook 2022 * Includes traditional use of biomass, waste, biofuels, biogas... Rupture IEA NZE Rupture+ Rupture+#38From well-below 2 C to 1.5 C Limited overshoot requires technological innovation Energy-related CO2 emissions Gt Te TotalEnergies 30 20 20 10 Rupture+: ~500-550 Gt CO2 0 2020 2030 2040 2050 -200 Gt CO2 to be captured by 2100 -10 In Rupture+: . Energy-related CO2 emissions reach net zero around 2050 Overshoot to be captured from 2050 to 2100 roughly 200 GtCO2 (+/- confidence interval) Overshoot consistent with C1 IPCC scenarios* 38 TotalEnergies Energy Outlook 2022 Continued cleantech R&D required to reach Net-Zero targets C1 = limit warming to 1,5°C (>50%) with no or limited overshoot Rupture+#39Key findings of Total Energies Energy Outlook 2022 TotalEnergies The short-term trajectory of global energy demand is not going in the right direction. More efforts are needed to decarbonize while ensuring energy security and affordability The current crisis is an opportunity to increase and anchor energy efficiency measures, which are critical to achieve the Paris agreement objectives In the OECD, the electrification of end-user demand is a structural evolution that helps reduce emissions and increase energy efficiency. Significant investment in clean power and electrical grids is essential for the success of this electrification In non-OECD countries, in particular in Africa, switching away from traditional biomass to modern energy will improve energy efficiency while providing affordable energy access, better living standards and economic development to growing populations Natural gas plays a key role in the energy transition: it ensures firm power to complement renewables and replaces coal in all sectors of final demand. Gas will become greener over time and its growth will be accompanied by carbon capture and methane emissions control solutions ☐ H2 and Sustainable Liquid Fuels are promising decarbonization drivers but will not scale up before 2030; in the meantime, renewable diesel and biogas will develop The current decade is decisive: investment in low carbon power must double to 2030 to reach 1.5 T$/year. Meanwhile, investment in new oil and gas developments is required until at least the mid 2030s to satisfy customer demand, even in a well-below 2 C scenario The energy transition also requires massive investment in clean tech R&D 39 | TotalEnergies Energy Outlook 2022#40Appendix 40 | TotalEnergies Energy Outlook 2022 Te TotalEnergies#41World primary energy demand and power generation Te TotalEnergies World primary energy demand (PJ/d) MOMENTUM RUPTURE 2019 2030 2040 2050 CAGR 19/50 2030 2040 2050 CAGR 19/50 Coal 444 402 353 302 -1,2% 342 193 98 -4,8% Oil 518 516 416 319 -1,6% 492 344 199 -3,0% Natural gas 385 422 449 458 0,6% 423 426 399 0,1% Nuclear 83 102 118 155 2,0% 105 133 189 2,7% Hydro 42 50 54 58 1,0% 55 63 70 1,7% Solar 11 49 103 165 9,2% 67 162 265 10,9% Wind 14 54 108 168 8,3% 67 156 235 9,5% Bioenergy* 156 186 218 232 1,3% 186 225 252 1,6% Other renewables 13 25 37 48 4,4% 36 59 76 6,0% Total 1665 1806 1857 1904 0,4% 1772 1760 1784 0,2% World power generation ('000TWh) MOMENTUM RUPTURE 2019 2030 2040 2050 CAGR 19/50 2030 2040 2050 CAGR 19/50 Coal 10 9 7 5 -1,9% Oil 1 0 0 0 -3,5% Natural gas 6 7 7 8 0,5% Nuclear 3 3 4 5 2,0% Hydro 4 5 5 6 1,0% Solar 1 4 9 15 10,4% Wind 1 5 11 17 8,3% Bioenergy* 1 1 1 2 2,9% Other renewables 0 0 1 1 7,7% Total 27 35 46 59 2,6% 8074667703 53 1066722227 3074616213 -6,8% -5,5% -0,3% 2,7% 1,7% 23 12,0% 24 9,5% 4,1% 9,2% 3,2% 41 | TotalEnergies Energy Outlook 2022 Includes traditional use of biomass, waste, biofuels, biogas ...#42Disclaimer and copyright reservation Te TotalEnergies Definition - Total Energies / Company The entities in which TotalEnergies SE directly or indirectly holds an interest are separate and independent legal entities. 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TotalEnergies does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company's financial results is provided in documents filed by TotalEnergies with the French Autorité des Marchés Financiers and the US Securities and Exchange Commission. Accordingly, no reliance may be placed on the accuracy or correctness of any such statements. Copyright All rights are reserved and all material in this presentation may not be reproduced without the express written permission of Total Energies. 42 | TotalEnergies Energy Outlook 2022