The Saudi-Russia oil price war combined with the destruction of demand by the corona virus pandemic has once again thrown the oil and gas sector into turmoil. Cuts to all discretionary spend are expected across the sector, as companies go back to the survival mode in a US$35/bbl oil price environment. But how will this impact the embryonic energy transition efforts by oil and gas companies? We look at the effect of budget cuts on oil and gas companies' carbon commitments and global growth in renewables. We analyse what the recent sharp drop in oil prices means for returns from oil and gas projects and how they compare to returns from investment in renewables.