Health crisis and climate emergency: an opportunity to accelerate the diversification of oil companies' activities?

Health crisis and climate emergency: an opportunity to accelerate the diversification of oil companies’ activities?

The years preceding the health crisis linked to the Covid-19 pandemic, marked in particular by the oil counter-shock of 2014 and the signing of the Paris Climate Agreement of 2015, saw the emergence of (weak) signals of diversification of the activity and investment of certain oil companies—essentially the European majors—towards low-carbon energies. While these announcements could have a knock-on effect on the sector, they are still very insufficient in view of the effort required to initiate a rapid and profound transition of the sector towards decarbonisation,2 and are contested by several civil society actors.