Erratic weather boosts energy demand, denting climate goals: BP

Galtero Lara
Junio 12, 2019

Demand for energy increased by 2.9pc, while carbon emissions rose by 2pc in 2018, faster than at any time since 2010.

Some good news can be found in the report as well - renewable energy consumption rose 15% a year ago, near the record-breaking increase in 2017.

Energy giant BP has warned efforts to tackle climate are losing steam after global carbon emissions grew unexpectedly and at their fastest pace in almost a decade previous year.

Carbon emissions grew by 2% over the past year, about 0.6 gigatons - "roughly equivalent to the carbon emissions associated with increasing the number of passenger cars on the planet by a third", the company's chief economist Spencer Dale said in a statement.

The growth of the renewable energy industry met some of the increased demand, but not enough to prevent an unsustainable 2 percent increase in carbon emissions.

Earlier this year, BP agreed to increase its disclosure on emissions, set targets to reduce them and show how future investments meet the Paris goals. According to the survey of global energy use, China, India and the United States were responsible for two-thirds of the 2.9 percent consumption increase.

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Energy consumption has historically been closely linked to economic growth.

Parts of the northern hemisphere were hit by freezing cold weather fronts last winter, only to face record temperatures in summer that resulted in vast fires and droughts.

While OPEC, Russia and other producers continue to cut back oil production in an effort to boost prices, US drillers are rapidly increasing output, particularly from the prolific Permian basin in west Texas and New Mexico.

The US boom also accounted for almost half of an unprecedented increase in global natural gas supplies, which increased by 5 per cent in 2018.

The increase in U.S. oil and gas production was the largest-ever annual increase by any country, BP said. The share of renewables in power generation nevertheless remained mostly unchanged, accounting for around one third.

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