Global emissions continue to rise
Global energy fuelled carbon emissions have spiked by an alarming 2.9% over the 2018 calendar year, faster than any time since 2010-11, a new report released by BP has found.
The BP Statistical Review of World Energy highlights an unsustainable growth in global emissions, despite a healthy increase of 14.5% increase in renewable energy production.
Introducing the findings for 2018, Spencer Dale, BP chief economist, 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."
"The longer carbon emissions continue to rise, the harder and more costly will be the necessary eventual adjustment to net-zero carbon emissions," concluded Bob Dudley, BP group chief executive. "As I have said before, this is not a race to renewables, but a race to reduce carbon emissions across many fronts."
Key findings from the report include:
Global energy demand grew by 2.9% and carbon emissions grew by 2.0% in 2018, faster than at any time since 2010-11.
Natural gas consumption and production was up 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 consumption (+1.4%) and production (+4.3%) increased for the second year in a row in 2018, following three years of decline (2014-16).
The United States 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 full report can be found here