BP's bold August strategy move for a faster pivot to cleaner energy is a testament to how far Big Oil has been forced to consider the financial consequences of climate change on fossil fuels. The major's much-vaunted shift to become an integrated energy company (IEC) and face the energy transition head-on took some by surprise. The industry's push into renewable energy, electrification and ever more ambitious pledges to pursue net-zero emission targets has been a slow but steady work in progress. But the COVID-19 pandemic has accelerated fears that oil demand could soon be in terminal decline, and industry moves to cut long-term price forecasts have been a wake-up call.
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