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...
Labour proposes new renewable energy heating targets
Party proposes to curb heat demand in UK buildings by a quarter and ensure 44 per cent of homes rely on renewable energy for heating by 2030 if in government
BSRIA urges revamped laws/incentives for carbon neutral built environment aims
Organisation joins a range of bodies to welcome “dramatic” IPCC warnings over climate change fears, but notes scepticism over current UK commitments to reshape energy policy for heating
OFTEC seeks clear Clean Growth Strategy targets for oil heating
BEIS is warned by trade bodies that a lack of information on potential role for alternative fuels in government environment strategies is hindering innovation in the industry
NEA urges fresh investment focus in domestic energy efficiency
Charity has welcomed proposals to introduce a ‘Default Tariff Cap’ on domestic energy bills to address fuel poverty, yet says additional financial support is needed to improve efficiency of homes
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.