Authorization

Fossil fuel resurgence has already dashed Paris climate goals, says BP

BP has warned that the global consumption of fossil fuels has increased for the first time in years, delivering a blow to the Paris climate goals agreed by almost 200 countries just two years ago.
The oil major's annual review of world energy trends shows that, after years of modest decline, the appetite for oil, gas and coal increased last year due to energy-hungry countries in the developing world.
Global energy consumption in 2017 grew by its fastest rate in five years at 2.2pc, well above the 1.7pc average over the last decade and significantly higher than the 1.2pc growth recorded in 2016.
The growing demand was spurred by China where the growth in demand for energy was the strongest in the world for the seventeenth consecutive year.
China’s energy use grew by 3.1pc, spurring a dramatic 15pc increase in the use of gas and a 50pc increase in the amount of gas imported via tanker from the global market for liquefied natural gas.
Rapidly developing countries such as China and India have turned to natural gas and coal to fuel the revival in their economies, causing greenhouse gas emissions to rise by 1.6pc after three flat consecutive years.
In order to meet the Paris Accord, which aims to avert the worst consequences of climate change by limiting global warming, global emissions need to halve by 2040.
BP economist Spencer Dale said: "Even three years of flat growth was a step in the right direction, but not a big enough step in the right direction."
He added: "If carbon emissions are on a trajectory for growth - even if they are growing far less quick than they did in the past - that suggests that we are not on the path to meeting the Paris climate goals." 
Fossil fuel resurgence has already dashed Paris climate goals, says BP

Credit:
BP
Globally, the demand for gas grew by 3pc last year, its highest rate since the financial crisis, while the use of coal climbed by 1pc in its fastest rate in four years.
Meanwhile demand for oil, which is far more carbon intensive than other fossil fuels, grew by 1.7 million barrels a day last year, which is well above the 10-year average of around 1.1 million barrels a day.
“To put the recent strength of oil demand in context,” said Mr Dale, “average growth over the past five years is at its highest level since the height of the commodity super-cycle in 2006/2007. This despite all the talk of peak oil demand, increasing car efficiency and growth of electrical vehicles.”
He said: “All of those factors are real and are happening, but persistently low oil prices can have a very powerful offsetting effect.”
Fossil fuel resurgence has already dashed Paris climate goals, says BP

BP boss Bob Dudley has pointed the finger at the power sector to meet the Paris Climate goals

Credit:
Dominic Lipinski/PA
Oil majors face an unprecedented level of pressure from environmental groups, shareholders and world leaders to address the challenge to meet climate targets.
But despite the rising demand for carbon-rich oil BP boss Bob Dudley has pointed the finger firmly at the electricity generation sector for “the most efficient way to drive down carbon emissions in the coming decades”.
“This year’s review looks at the energy mix within the power sector for the first time, which astonishingly shows that the share of coal in the sector is unchanged from twenty years ago,” Mr Dudley said.
Mr Dale suggested that the increasing focus on electric vehicles, a trend which many believe could hurt Big Oil by drying up demand for petrol, is far less effective than a clampdown on the power sector.
“To have any chance of getting on a path consistent with meeting the Paris climate goals there will need to be significant improvements in the power sector,” he insisted.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Июнь 2018    »
ПнВтСрЧтПтСбВс
 123
45678910
11121314151617
18192021222324
252627282930