BP: Carbon emissions grew 2 percent in 2018

Cornelia Mascio
Giugno 12, 2019

Demand for energy increased by 2.9pc, while carbon emissions rose by 2pc in 2018, faster than at any time since 2010. It was the largest increase in energy consumption since 2010.

The 2.9 per cent rise in energy demand in 2018, the fastest rate since 2010, deals a blow to global efforts to meet the 2015 UN-backed Paris climate agreement to limit global warming by sharply reducing carbon emissions by the end of the century.

Carbon emissions grew by 2% over the a year ago, about 0.6 gigatons - "roughly equivalent to the carbon emissions associated with increasing the number of passenger cars on the planet by a third", the company's chief economist Spencer Dale said in a statement.

"If there is a link between the growing levels of carbon in the atmosphere and the types of weather patterns observed in 2018, this would raise the possibility of a worrying vicious cycle: increasing levels of carbon leading to more extreme weather patterns, which in turn trigger stronger growth in energy (and carbon emissions) as households and businesses seek to offset their effects", he said.

It found that global energy demand grew by 2.9 per cent.

Earlier this year, BP agreed to increase its disclosure on emissions, set targets to reduce them and show how future investments meet the Paris goals.

Energy consumption has historically been closely linked to economic growth.

There was an unusual number of hot and cold days previous year, which prompted increased demand for both heating and cooling, the multinational oil and gas company said in its annual global energy report.

In the United States, the combined number of heating and cooling days was the highest since the 1950s, BP said.

The BP review showed an increase in oil and gas production, driven largely by a break-neck expansion of U.S. shale output.

The U.S. boom also accounted for almost half of an unprecedented increase in global natural gas supplies, which increased by 5% in 2018.

The increase in US oil and gas production was the largest-ever annual increase by any country, BP said.

Renewable energy grew by 14.5 per cent, nearing the record increase in 2017.

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