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Pandemic's reset pushes energy firms toward renewables, hydrogen

9/16/2020

The economic trauma caused by the coronavirus pandemic has pushed energy companies to step-up investment in renewables, hydrogen and other low carbon alternatives, but fossil fuels will be their dominant business for the foreseeable future, industry executives said. Reeling from the onset of the pandemic, global oil consumption shrank by more than 20% in the second quarter and prices hit their lowest in decades, making companies rethink how fast they should make the transition away from reliance on oil and gas. "Everyone's talking about this great reset ... What do we need to do to survive this?" Arif Mahmood, Petronas' executive vice president and CEO of downstream, said at the virtual Pl

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