Spencer Dale, group chief economist at oil group BP, says there is a “mismatch between hopes and reality” when it comes to controlling energy demand. Global energy consumption grew last year at its fastest rate since 2010, as countries including the US suffered a colder than average winter while the use of air conditioning in developed and developing countries continued to rise to cope with hot weather. Much of this increased demand was met by fossil fuels, particularly gas, according to the Paris-based International Energy Agency. That pushed global carbon dioxide emissions to a record high of 33bn tonnes. When economists, campaigners and academics look back on the current period, they will probably “observe a world in which there was growing societal awareness and demands for urgent action on climate change, but where the actual energy data continued to move stubbornly in the wrong direction”, Mr Dale said in a speech last month discussing BP’s annual statistical review.
FT 8th July 2019 read more »