BP: Energy and coal growth slow, renewables rise

Renewable energy was the fastest growing form of power globally last year. According to BP’s Statistical Review of World Energy, demand for renewables rose “during a year in which global […]

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By Priyanka Shrestha

Renewable energy was the fastest growing form of power globally last year.

According to BP’s Statistical Review of World Energy, demand for renewables rose “during a year in which global primary energy consumption growth slowed”.

However, while renewables now account for a record 6% of global power generation, the sector provides just 3% of energy usage.

Total energy consumption slowed to just 0.9%, well below the 2% growth in 2013.

Consumption increased for all fuels, “reaching record levels for every fuel type except nuclear power” and production increased for all fuels except coal.

Oil remained the world’s leading fuel, with 32.6% of global energy usage “but lost market share for the 15th consecutive year”, the report states.

The US overtook Saudi Arabia as the world’s biggest oil producer and surpassed Russia as the largest oil and gas producer.

Carbon emissions from energy use had the slowest growth – 0.5% – since 1998 due to a fall in coal consumption in China.

“The slower growth relative to its average over the past 10 years or so was largely attributable to the changing pace and pattern of Chinese economic growth,” according to the report.

BP Group Chief Executive Bob Dudley said: “It was a year of great change and our task as an industry is to respond in such a way as to meet today’s challenges while continuing to invest to meet tomorrow’s demand, safely and sustainably.”