• Natural Gas News

    BP Review Exposes Gap between Goals and Reality

Summary

The growing divergence between demands for action on climate change and the actual pace of progress on reducing carbon emissions is set out in the...

by: William Powell

Posted in:

Natural Gas and LNG Latest & Breaking News, World, Corporate, Exploration & Production, Investments, Political, Environment, COP24, Regulation

BP Review Exposes Gap between Goals and Reality

The growing divergence between demands for action on climate change and the actual pace of progress on reducing carbon emissions is set out in the latest edition of the BP Statistical Review of World Energy, published June 11. Carbon emissions globally were up 2% on the year before, faster than at any time since 2010-11, BP said.

BP chief economist Spencer Dale said: "There is a growing mismatch between societal demands for action on climate change and the actual pace of progress, with energy demand and carbon emissions growing at their fastest rate for years. The world is on an unsustainable path."

Commenting, CEO Bob Dudley said: "The longer carbon emissions continue to rise, the harder and more costly will be the necessary eventual adjustment to net-zero carbon emissions. As I have said before, this is not a race to renewables, but a race to reduce carbon emissions across many fronts." 

Global energy demand grew by 2.9%. Gas demand and output were up by over 5%, one of the strongest rates of growth for both demand and output for over 30 years.

Renewables grew by 14.5%, nearing their record-breaking increase in 2017, but this still accounted for only around a third of the increase in total power generation. Coal demand was up 1.4% and production was up 4.3%, following three years of decline (2014-16). The US recorded the largest-ever annual production increases by any country for both oil and natural gas, the vast majority of increases coming from onshore shale plays.

The review is available online at:  www.bp.com/statisticalreview

At time of press, BP was still unable to move a rig to drill at an offshore oilfield as activists from Greenpeace had made themselves at home on it in Scotland three days ago. It said June 1o: "We are working with Transocean – the rig’s owner and operator – and the authorities to assess the situation and resolve it peacefully and safely. We share the protestors’ concerns about the climate. We support the Paris agreement. And we are working every day to advance the world’s transition to a low carbon future."

Greenpeace, which has now been served with an injunction, said it "vowed to continue with the occupation" despite the injunction, and accused BP of "attempting to silence peaceful protests and fuelling a climate emergency that will threaten the lives of millions."