Fossil fuel companies are done!

BP revealed a full-year loss of $18bn, its first since the Deepwater Horizon disaster more than a decade ago, and ExxonMobil reported an annual loss of $22.4bn – its first ever. Shell capped a year in which it slashed its dividend for the first time since the Second World War with a debit of almost $20bn.

Maybe this is unprecedented because of covid, but I think it's a signal to the big oil companies that the world no longer really needs fossil fuels🌍🌱

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BlueVeins · 22-25

BP is pretty deep in renewables, this thing is definitely just about the pandemic.

Mindful · 56-60, F

Don’t worry the government will create a bailout for the billionaire industry

SW-User

@Mindful Not now that renewables are now cheaper than fossil fuels. It just won't make economic sense. Plus, BP, Shell and Equinor are taking up extremely aggressive positions regarding offshore wind. They're seeing the writing on the wall.

SW-User

Several automaker giants already announced the discontinuation of internal combustion engines by 2030

Tastyfrzz · 61-69, M

I think it's mostly due to the drop in air travel.

SW-User

@Tastyfrzz It's certainly a factor, but then that's covid related, too. However, I can't see air travel getting up to its previous peak for many, many years yet, particularly business travel.

Tastyfrzz · 61-69, M

@SW-User true. We used to fly to meetings all the time but those days are gone because of zoom and cell phones.

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