BP has put out its Statistical Review of World Energy 2020. I’m a little short on time so I’m going to quote CNN’s coverage of it. (At least I think this is the report CNN is referring to. I have noticed a trend recently where journalists talk about a “recent report” without naming it or linking to it.) At least, I’m going to try to quote it. WordPress’s block editor is getting harder and harder to use.

In a “business-as-usual” scenario, in which government policies and social preferences evolve in the same way as in the recent past, oil demand picks up slightly following the coronavirus hit, but then plateaus around 2025 and starts to decline after 2030.

In two other scenarios, in which governments take more aggressive steps to curb carbon emissions and there are significant shifts in societal behavior, demand for oil never fully recovers from the decline caused by the pandemic. That would mean that oil demand peaked in 2019…

”As difficult steps go, BP’s pirouette from traditional oil company to green energy giant ranks among the more challenging,” Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown said in a note to clients.

CNN

What exactly is a “green energy giant”? Carbon capture might be a thing, eventually, but that seems like a risky bet as the only business strategy. If most things are going to electrify, it seems like the green energy giant will be the regulated electric utility business, at least in the United States, and it seems unlikely BP is trying to go there. They can try to supply that industry with things to burn, I suppose, like natural gas and liquid natural gas (coal and oil seem to be on their way out), but I am not sure that is a growth industry. Aviation might move toward hydrogen fuel cells eventually. There must be some tiny demand for rocket fuel. Chemicals, drugs, and plastics will continue to exist, of course, but I am not sure that would be a huge source of annual revenue growth for decades. They can manufacture solar panels, windmills, efficient transportation and electrical equipment of various sorts, get into the smart grid, smart buildings and materials, batteries, etc. But doing all sorts of little bits and pieces like this would seem to get them into industrial conglomerate territory, and there are plenty of companies already there. Maybe that is where they are headed – just make forays into lots of different markets and see if anything sticks.