French oil and gas giant Total is planning to modify its name to TotalEnergies as part of a major rebranding to shift its focus towards renewable power and electricity production. Oil sales currently account for more than half of its total sales, but in a decade’s time Total aims to drive that down to one-third as it raises the proportion of its capital investment that is spent on renewables. The name change must first receive the approval of shareholders, and CEO Patrick Pouyanne told reporters that by “proposing this name change to shareholders, we’re also fundamentally asking them to approve this change in strategy.” Like most oil and gas companies, Total lost money last year, making a US$7.2 billion (€5.9 billion) net loss.