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Bye Bye, Big Oil? BP Admits Demand May Have Already Peaked, Predicts Growth of Renewable Energy

Welcoming news that oil demand may never recover to pre-pandemic levels, Greenpeace noted that “a #GreenRecovery will hasten its demise.”

By Jessica Corbett, staff writer for Common Dreams. Published 9-14-2020

BP’s annual report on the future of energy, released Monday, says demand for oil may have peaked last year and projects significant growth in renewables over the next three decades. (Photo: tolkien1914/flickr/cc)

As communities worldwide face off against and file suit over the devastating impacts of a climate crisis notably driven by fossil fuel giants, BP on Monday gave just the latest signal that the dirty energy industry is dying—admitting that global demand for oil may have already peaked while projecting significant growth in renewables over the next few decades.

The new edition of BP’s annual Energy Outlook features three potential transition scenarios to 2050, the year by which the British firm says it intends to deliver its net-zero ambition. The forecast, Reuters reported, “underpins chief executive Bernard Looney’s new strategy to ‘reinvent’ the 111-year old oil and gas company by shifting renewables and power.” Continue reading

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