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BP’s annual Statistical Review of World Energy is terrifying

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PortandTerminal.com, June 12, 2019

You know things are really bad when the oil companies are also scared about the state of the world’s environment. BP is very worried about it as they made abundantly clear in this year’s edition of the Statistical Review of World Energy. Download the full report below.

“The world is on an unsustainable path” according to BP Chief Economist Spencer Dale. “Renewables can’t grow quickly enough,” he went on to say.

Spencer Dale, Chief Economist, BP

Mr. Dale has good reason to be concerned. Global carbon emissions jumped the most in seven years in 2018 as energy demand surged, according to BP’s annual review of world energy, indicating the world is falling behind in its efforts to rein in climate change. We’re not chipping away at the problem. It just getting worse.

The report, one of the most closely watched surveys of global energy trends, found that primary demand rose at the fastest pace this decade in 2018 even though economic growth weakened.

“At a time when society is increasing concerns about climate change and the need for action, energy demand and carbon emissions are growing at their fastest rate for years,” Dale said at a briefing in London.

Much of the gains were driven by more volatile weather patterns. An increase in the number of days that were either unusually hot or cold boosted energy use for heating and cooling, Dale said. As a result, global CO2 emissions rose for a third straight year, a trend likely to stick for the time being.

Australia, one of the world’s largest grain producers, has cut its wheat forecast by 11% as drought threatens for the third year in a row

Almost 200 nations pledged to take steps to limit warming to well below 2 degrees through the Paris Agreement on climate change in 2015. Their aim was to limit the superstorms, droughts and famine predicted to happen more frequently with runaway climate change.

Even European countries like Poland are still burning coal. Burning coal provides about 75% of Poland’s electricity and 55% of its energy overall

Even the dirtiest fossil fuel for power generation is increasing. Both consumption and production of coal advanced at their fastest rate for five years, driven by the need for developing economies across Asia to connect millions of homes to a reliable source of electricity. That’s despite coal’s share of primary energy falling to just over a quarter of primary energy and 17 gigawatts of plants burning the fuel being retired.

Renewables can’t grow quickly enough

Spencer Dale, Chief Economist, BP

BP’s report contained some more hopeful trends. Renewable energy consumption jumped 15% in 2018, near the record advance from a year earlier. China, again at the forefront, is adding more renewable energy than the world’s most developed nations in the OECD combined, BP said.


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