LONDON (AP) – Energy company BP says it is writing off up to $17.5 billion from its oil and gas assets.

It will also review its plans to develop oil wells as the COVID-19 pandemic hits demands.

BP says the crisis is accelerating its goal of decreasing its reliance on fossil fuels.

The CEO said the pandemic is forcing the company to face the long-term impact on the economy, together with the likelihood of weaker demand for a longer period of time.

The company pledged in February to become a net-zero company by 2050, but the pandemic has forced them to re-consider their assumptions once more.