When a ship is plain sailing, it’s hard to knock it off course. That’s been the conundrum for us rubber-dinghied climate activists for decades now as we try our best to push the supertanker that is the global economy towards sustainability.
But in 2020 the ship hit the rocks – and hard. As the keel started to list most of us were preoccupied with more immediate concerns. But down below the waves the supposed engine room of our economy – the fossil fuel industry – was breached.
The Coronavirus pandemic’s impact on fossil fuels was of historic proportions. The market value of giant companies like Shell and BP dropped by more than half in a matter of days. Demand for oil crashed so severely that oil commodity prices fell below zero: traders would effectively pay you to take oil off their hands.Continue reading