The global energy system has undergone extreme changes as a result of the Covid-19 pandemic. With oil demand collapsing in the wake of travel bans, the International Energy Agency estimated that global emissions decreased by 5% over 2020, returning to levels last seen a decade ago.
As a research analyst specialising in the oil and gas sector, I have had the ear of management teams grappling with the difficulties of the energy transition. Following the 2015 Paris Climate Agreement, many still resisted calls to reduce oil production, or to explore different segments of the energy chain. However, after lockdowns began in March 2020 and the industry went into crisis, the commitments we had sought from energy companies for years were manifesting themselves in the space of just a few months, and it was soon clear that meaningful change was finally afoot.