With the virus outbreak hurting the long-term prospects of the global economy, the company said it continues “to adapt to ensure the business remains resilient” in challenging times. Earlier this month, its competitor
The pandemic has hit the wider energy industry hard because it has placed onerous limits on business, travel and public life. There is little need in aviation for fuel, for example, since most planes are grounded.
Supply of oil and gas was particularly high when the outbreak began, creating a perfect storm for the industry. With storage facilities filling up, the
Shares in the company dropped 2.5% on the news.
“In a world of falling oil demand and a bigger push towards renewables, these energy titans increasingly look like creatures from another era, something which should give investors pause for thought,'' said
“While neither
The Anglo-Dutch company told investors in April that it intended to stop adding greenhouse gases to the atmosphere by 2050.
Emissions of carbon dioxide and methane from the extraction, refining and burning of fossil fuels are one of the main drivers of man-made global warming.
Air travel, for example, may never be the same. Ditto going to the office. All of which will be a challenge to big oil.
“After the financial crash in 2008, there was a rapid rebound in the use of fossil fuels. Within two years we returned to the same path of growing carbon emissions we would have been on if the crisis never happened,'' Bradshaw said.
“World leaders face a similar decision this time. They could aim for another quick and dirty recovery, increasing fossil fuel consumption to get the economy back on track, or they can double down on the promises of clean, green growth outlined in the
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