BP’s transformation has started. After months of hearsay, the company’s disastrous financial quarter has acted as a catalyst in producing its new strategy, which finally sets out targets which will see a material transition away from the oil major model that it coined 110 years ago. Financial losses for Q2 2020 came to the tune of $16.8 billion, incorporating some $9.2 billion in post-tax impairments following the company’s revaluation of its oil and gas assets back in June. While this write-down figure is lower than the $13 to $17.5 billion range that the company expected, this is overshadowed by the comparison to the same quarter last year, when BP posted a net profit of $1.8 billion. As discussed last week,…