Global energy consumption slows even before pandemic. BP report points to encouraging signs from growth in renewable energy, but also highlights continued carbon emissions.
Telegraph 17th June 2020 read more »
Growth in energy demand was declining even before the coronavirus pandemic spread globally, keeping consumers under lockdown and sending prices to record lows, BP Plc said Wednesday. The oil major’s annual Statistical Review of World Energy showed that growth in primary energy consumption slowed to 1.3% in 2019, almost half the rate of a year earlier. Renewable energy comprised the bulk of that growth, overtaking nuclear in its share of power generation for the first time, while coal consumption continued to decline, falling to its lowest level in 16 years. Carbon emissions from energy use grew by just half a percentage point. But BP’s head warned against optimism as the deceleration came after a big increase in emission growth of 2.1% in 2018. “The hope was that as the one-off factors boosting carbon emissions in 2018 unwound, carbon emissions would significantly fall,” Bernard Looney said. “That did not happen.”
Bloomberg 17th June 2020 read more »