BP plc’s ambitious reinvention, to move from fossil fuels toward carbon-free resources, was launched only days before the world began to shut down last year, but instead of shelving the plans, the company doubled down on the energy transition, CEO Bernard Looney said Monday on the opening day of CERAWeek by IHS Markit.

The weeklong conference, featuring a Who’s Who of the global energy industry, is being held virtually, helmed by IHS Markit Vice Chairman Daniel Yergin. Yergin, as he has done every year at CERAWeek, is serving as moderator on some panels, including one Monday morning featuring Looney and Amazon Web Services (AWS) CEO Andrew Jassy.

BP’s transition to move beyond petroleum by 2050 or sooner was launched about a year ago, shortly after Looney took the helm and...