The follow-ups come after colossal fossils BP and Shell downgraded the value of their combined assets by as much as US$39.5 billion over the last couple of weeks.
“While we expect oil demand to recover next year, we think that it’s likely that it will never reach the levels seen in 2019,” Sverre Alvik, head of DNV GL’s Energy Transition Outlook, told Reuters. While the reductions would not be enough to bring fossil emissions in line with the goals in the 2015 Paris Agreement, “COVID-19 has shown that behavioural changes are indeed possible, and we can use this opportunity to make a change which is good for climate,” he added.