Demand for renewables was growing before the pandemic and has held steady during 2020. Advancements in green tech have rapidly brought down the costs of wind and solar, making them highly competitive with fossil fuels. Renewable energy made up almost half of Britain’s electricity generation in the first three months of 2020, for example, with a surge in wind power helping set a new record for clean energy. Then in April, Britain broke records for going without coal-fired power generation for the longest stretch since the Industrial Revolution.

What’s more, demand for oil likely peaked in 2019 and is now in terminal decline, according to a report released by BP in September. It acknowledged that the pandemic and policies to curb the climate crisis have hastened the demise of fossil fuels. Also in 2020, the EU’s largest oil producer promised to stop drilling: In a move described by Greenpeace as a “watershed moment”, Denmark announced in December that it will cancel all future permits for oil and gas exploration in the North Sea, and phase out existing production by 2050.