Last week, BP officially released World Energy Statistics Yearbook 2019 in London. The report pointed out that, led by strong growth in natural gas and renewable energy consumption, global consumption of disposable energy in 2018 hit a new high since 2010, while the growth rate of carbon emissions also reached the highest level since 2011.
Significant growth in energy consumption
In 2018, global disposable energy consumption grew by 2.9%, almost twice the average growth rate (1.5%) in the past decade, the fastest growth since 2010. The rapid growth of global energy consumption is mainly driven by the rapid growth of natural gas consumption, which contributes more than 40% of the growth. Except for renewable energy, all fuel consumption grew faster than the average growth rate in the past decade. China, the United States and India together account for more than two-thirds of global energy consumption growth. Energy consumption in the United States has grown at its highest rate in the past 30 years.
In 2018, global oil consumption increased by 1.4 million barrels per day, exceeding the average level of the past decade, with an increase of 1.5%. The biggest contributors were China (an increase of 680,000 barrels per day) and the United States (an increase of 500,000 barrels per day). Last year, global oil production increased by 2.2 million barrels per day, an increase of 2.4 per cent. Nearly all net growth came from the United States. Oil production increased by 2.2 million barrels per day, the largest annual increase ever recorded.
In 2018, global natural gas consumption grew by 195 billion cubic meters at a rate of 5.3%, one of the fastest growth rates since 1984. Last year, the rapid growth of global natural gas consumption was mainly driven by the dramatic increase in U.S. consumption. The country's new gas consumption amounts to 78 billion cubic meters. Global natural gas production increased by 190 billion cubic meters, an increase of 5.2%. Among them, the new gas production in the United States is as high as 86 billion cubic meters, accounting for nearly half of the world's new gas production.
In addition, global coal consumption grew by 1.4% last year, double the average growth rate in the past decade. The growth of coal consumption is mainly driven by India and China. Coal consumption in OECD countries is at its lowest level since 1975.
Slow growth of renewable energy
Last year, global renewable energy increased by 71 million tons of petroleum equivalent at a rate of 14.5%, slightly lower than the average growth rate of 16.4% in the past decade, although the increase was close to the record-breaking level in 2017. Solar power increased 30 million tons of oil equivalent, slightly less than wind power (32 million tons of oil equivalent). Last year, renewable energy accounted for about 4% of the global energy structure, much less than 85% of fossil fuels. As far as the country is concerned, China has added 32 million tons of renewable energy equivalent, which is the largest contributor and surpasses the OECD countries for the first time (26 million tons of oil equivalent).
Carbon emissions from extreme weather hit a new high
With the growth of energy demand, global carbon emissions from energy use increased by 2% in 2018, 1.4 percentage points higher than the historical average, the highest level in the past seven years. In 2018, 600 million tons of carbon dioxide emissions were added globally, mainly driven by China, India and the United States, which accounted for two-thirds of the increase in energy consumption in the world. Spencer Dale, BP's chief economist, said the unusually large increase in global energy consumption and carbon dioxide emissions in 2018 was the result of extreme weather that year.
Despite relatively moderate global economic growth since last year, energy demand has grown at the fastest rate since 2010, with energy demand increasing by 2.9% and carbon dioxide emissions by 2%, Daispan said. U.S. energy demand has increased by a surprising 3.5%. Last year, U.S. energy demand grew at the fastest rate in the past 30 years.
According to Daispan, the dramatic increase in energy demand in the United States in 2018 was mainly due to the impact of extreme weather, with abnormal weather days reaching their highest level since the 1950s. Last year, the growth rate of carbon dioxide emissions was 1.4 percentage points higher than the historical average, which is highly related to the increase in energy demand last year. Last year, the global energy growth rate was 1.5 percentage points higher than the historical average, but this also shows that the proportion of clean energy in the global energy composition has not increased.
Energy consumption trends are unsustainable
BP CEO Dudley said that the current trend of global energy demand growth and consumption is unsustainable and will continue to deviate from the carbon dioxide emission reduction targets that must be achieved to achieve the Paris Accord commitments.
Dudley said the U.S. shale industry also boosted unprecedented growth in oil and gas production last year, both of which reached their highest levels since the start of the annual energy Yearbook 68 years ago. Last year's unexpected high energy demand and carbon emissions growth, as well as the rebound in coal consumption, meant that governments were further away from the energy transformation goals envisaged in the Paris Accord.