BP will look to fund a substantial chunk of its transition to renewables through energy trading, indicating a shift in its dependence away from fossil fuel revenues to stimulate cashflow. Following a strong performance from its trading segment through Covid-19, this move also highlights BP’s belief that market volatility is far from over. Reports of the strategy stem from a leaked internal presentation, highlighting that BP’s trading arm made nearly $4 billion in 2020 – equaling the record figure seen in 2019 – despite the collapse in demand for retail fuels (down 14%) and aviation fuels (down 50%). According to the presentation, which pooled together oil and gas trading under an ‘integrated supply and trading umbrella,’ the $4 billion figure…