Last year may have marked “a watershed for the energy industry”, BP’s chief economist said on Wednesday (10 June).
Speaking at the launch of its annual Statistical Review of World Energy, BP chief executive Bob Dudley said the overall trajectory of emissions was higher than scientists recommend. He added that something more needed to be done – something substantial.
The launch was co-chaired by BP chief economist Spencer Dale.
Mr Dudley said carbon emissions grew only 0.5% in 2014, their slowest since 1998 and immediately after the financial crisis. He said this was because of a slowdown in energy consumption in China, as demand grew there by 2.6% in 2014 compared with 5.6% in 2012.
Mr Dale added that coal’s fall was the “most striking number” that came out of the report. After China’s real estate market slowed last year, demand for coal dropped sharply, falling 2.6%.
However, he said there was strong growth in renewables as more Chinese hydropower came online.
“Renewables were again the fastest growing form of energy in a year when global consumption growth slowed sharply,” Mr Dale pointed out.
On Monday (8 June) G7 nations pledged to decarbonise their economies by 2050 at a meeting looking forward to the Paris 2015 climate conference in December.
You might also like...
CCC views “fully functional” Hydrogen boiler prototype
Influential organisation that has pushed government towards recent net zero commitments is in the process of looking at industry efforts to explore viable low carbon gas heating
CCC Net Zero Report: Industry Reaction
Industry welcomes ambition but calls for support for all technologies to reach targets
Viability fears raised over single heat technology approach for new homes
Boiler maker Vaillant is critical of recent report calling for an end in connecting new homes to the gas grid; heat pump trade group argues the findings highlight the long-term potential of electric solutions
Industry faces significant unknowns from hydrogen heat switch
Industry has ten years to realise how heating appliances that make use of hydrogen or a blend of the gas can be made technically and economically viable, the APHC has said
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.