BP released the 68th annual edition of the BP Statistical Review of World Energy (BP Stats Review), the most comprehensive collection and analysis of global energy data.
This year’s edition highlights the growing divergence between demands for action on climate change and the actual pace of progress on reducing carbon emissions.
Key findings from the BP Stats Review 2019 include:
• Global energy demand grew by 2.9% and carbon emissions grew by 2.0% in 2018, faster than at any time since 2010-11.
• Natural gas consumption and production was up over 5%, one of the strongest rates of growth for both demand and output for over 30 years.
• Renewables grew by 14.5%, nearing their record-breaking increase in 2017, but this still accounted for only around a third of the increase in total power generation.
• Coal consumption (+1.4%) and production (+4.3%) increased for the second year in a row in 2018, following three years of decline (2014-16).
The United States recorded the largest-ever annual production increases by any country for both oil and natural gas, the vast majority of increases coming from onshore shale plays.
Introducing the findings for 2018, Spencer Dale, BP chief economist, said: “There is a growing mismatch between societal demands for action on climate change and the actual pace of progress, with energy demand and carbon emissions growing at their fastest rate for years. The world is on an unsustainable path.”
Renewable power grew by 14.5%, slightly below its historical average, although its increase in energy terms (71 mtoe) was close to the record-breaking increase of 2017. Solar generation grew by 30 mtoe, just below the increase in wind (32 mtoe), and provided more than 40% of renewables growth. By country, China was again the largest contributor to renewables growth (32 mtoe), surpassing growth in the entire OECD (26 mtoe).
Hydroelectric generation increased by an above-average 3.1%, with European generation rebounding by 9.8% (12.9 mtoe), almost offsetting its steep decline in the previous year.
Nuclear generation rose by 2.4%, its fastest growth since 2010. China (10 mtoe) contributed almost three quarters of global growth, with Japan (5 mtoe) the second largest increase.
(Source: BP – Singapore financial district/energy global news/Rene Pierre)