The pandemic’s devastating impact on Big Oil was illustrated this month as the world’s biggest energy groups reported annual losses. Exxon Mobil the US ‘s biggest oil producer racked up losses of more than $20bn last year.
BP recently said that peak oil may have already occurred in 2019. The industry is under mounting pressure to speed up a transition to cleaner fuels.
75 per cent of the world’s economies have already declared a ‘decarbonisation horizon’. A major shift is most definitely occurring.
The International Energy Agency (IEA) said in January: “Our numbers show that renewables are set to become the largest source of generation by 2025, overtaking coal - and ending the fossil-fuel domination of the last decades.”
