Lockdown measures mean that global CO2 is set to fall 8 per cent in 2020. Oil demand in April was aligned to ‘2⁰C’ levels, but while this is good for the climate, no climate model suggests implementing lockdown measures to curb emissions levels.
Meanwhile the IEA estimate that oil and gas spend will fall around USD250 billion this year. Does the pandemic mean that the oil and gas industry will speed up or slow down its transition to low-carbon? This report from HSBC Global Research sets out the arguments for both, highlighting the debate about how industry transition will develop post crisis.