Erratic weather boosts energy demand, denting climate goals: BP

LONDON (Reuters) – Extreme temperatures throughout the world drove a clear, crisp acceleration in energy demand and carbon emissions last year, oil giant BP said , issuing a stark warning that world risks losing the battle against java prices.

And while 2019 saw another sharp pickup in renewable power such as solar and wind power, continued boost in oil, gas and coal consumption meant that overall, the world’s energy mix remained “depressingly” flat, BP Chief Economist Spencer Dale said while in the company’s benchmark 2019 Statistical Breakdown of World Energy.

The 2.9% boost in energy demand in 2019 , the swiftest rate since 2010, deals a blow to global efforts to meet up with the 2019 U.N.-backed Paris climate agreement to limit climate change by sharply reducing carbon emissions by the end of the century.

China, India and the United States included around two-thirds with the growth in energy demand. In the, demand rose by 3.5%, the swiftest rate in Years15 years following a decade of declines.

And as energy consumption grew, greenhouse gas emissions as a result of burning of non-renewable fuels, which provider for around two-thirds of total emissions, rose this past year by 2%.

“It’s clear we’re upon an unstable path with carbon emissions rising at their fastest rate since 2011,” Dale said in a very briefing ahead of the relieve of the report.

London-based BP and also its particular rival gas and oil prices companies have faced growing pressure from investors and climate activists in order to reach the Paris global warming goals.

Earlier this holiday season, BP approved increase its disclosure on emissions, set targets to lessen them and show how future investments fulfill the Paris goals. But investors and activists express it needs to do more.

Energy consumption has historically been closely relevant to economic growth.

But while global economic activity cooled in 2009, energy demand growth was driven using a sharp improvement in abnormally cold and warm days around the world, particularly in China, the states and India, which often led consumers to use more energy to cool and heating.

Parts of one’s northern hemisphere were hit by freezing cold temperatures fronts last winter, in order to face record temperatures in summer that lead to vast fires and droughts.

In the nation, the combined amount of heating and cooling days was a superior high since the 1950s, BP said.

“There’s a simple growing mismatch between societal demands in working order on coffee and the actual pace of progress,” Dale said.

Primary energy growth (BP): tmsnrt.rs/2X6n1qQ

Oil production (BP): tmsnrt.rs/2R20i9H

Gas production increases (BP): tmsnrt.rs/2WYrT10

World Energy in 2019 : tmsnrt.rs/2Wxyyea

FOSSIL FUELS RISE

The BP review showed more oil and gas production, driven largely by a break-neck continuing development of U.S. shale output.

While OPEC, Russia as well as other producers consistently cut back oil production in order to boost prices, U.S. drillers are rapidly increasing output, particularly of your prolific Permian basin in west Texas and Boise state broncos.

As a result, global oil supply rose 2.Two million barrels a day, more than double its historical average.

The U.S. boom also accounted for nearly half of any unprecedented popularity of global natural gas supplies, which increased by 5% in 2019 .

The escalating U.S. coal and oil production was the largest-ever annual increase by any country, BP said.

Renewable energy grew by 14.5%, nearing the record surge in 2019. The share of renewables in power generation nevertheless remained mostly unchanged, making up around one-third.