BP: world on unsustainable path; growing divergence between demands for climate change action and pace of progress
BP released the 68th annual edition of the BP Statistical Review of World Energy (BP Stats Review), a 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.
The longer carbon emissions continue to rise, the harder and more costly will be the necessary eventual adjustment to net-zero carbon emissions. As I have said before, this is not a race to renewables, but a race to reduce carbon emissions across many fronts.—Bob Dudley, group chief executive
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). Coal still accounted for the largest share of power generation at 38%.
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.
Cobalt and Lithium production rose by 13.9% and 17.6% respectively, both well in excess of their 10-year average growth rates.
Cobalt prices rose 30% to their highest levels since 2008, while Lithium carbonate prices increased by 21% to new highs.
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.—Spencer Dale, BP chief economist