1. Carbon Pricing Framework: Explicit (EU ETS) vs. Implicit/Internal Shadow Pricing TotalEnergies employs an internal carbon price (ICP)1 or shadow price in its project evaluations and asset impairment testing. Currently, its base case includes a minimum price of $100/tCO₂ (or higher jurisdictional prices) starting in 2023, with a 2% annual increase after 2030. Sensitivity…