Syrah mention in the The Age, page-47

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BP projected Monday that global oil demand may have already peaked, marking the latest development in the supermajor’s strategy to transition away from fossil fuels to renewable energy.

BP shares fell 2.1% in London trading and its stock is down 46% year-to-date, similar to other energy companies devastated by the coronavirus-driven collapse in oil demand. Its peer Royal Dutch Shell also fell 1.9% on Monday is 52% down so far in 2020.

The back story. After becoming chief executive of BP in February, Bernard Looney set a goal for the energy giant: become carbon neutral by 2050, including fuel burned by customers. The goal, ambitious for any company, let alone one in the business of hydrocarbons, marked BP out from the rest of the world’s major oil companies in its commitment to combating climate change and emphasizing renewable energy as key to the company’s future.

BP has since put its money where its mouth is. In August it pledged to increase low-carbon investment tenfold to $5 billion a year by 2030. Earlier this month, it paid $1.1 billion to Norwegian energy giant Equinor for a 50% stake in two of that company’s wind farm developments on the East Coast of the United States.