| Summary/Abstract |
The structure of global energy demand is undergoing a rapid transformation. According to the International Energy Agency (IEA), the share of renewable energy in the global energy mix is expected to increase sharply, from the current 11 per cent to over 20 per cent by 2040. While the transformation was already happening, driven mainly by climate change mitigation, the Covid-19 pandemic has hastened its pace globally. The energy market dynamics have overnight tilted favourably towards renewables such as wind, solar and hydropower. Independent oil companies (IOCs) across the world are accelerating towards this transition.
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