BP Finds Emissions Up, Calls For More New Energy

'Unsustainable path': Energy emissions rise at fastest rate in seven years

Madeleine Cuff, 13 June 2019 (BusinessGreen)

“…[Oil giant BP’s annual report] calculates carbon emissions grew by two per cent in 2018, the fastest rate of growth since 2011…[T]he uptick was largely driven by extreme weather pushing up demand for heating and cooling…An ‘unusually large number’ of hot and cold days pushed up demand [more than 5%] for natural gas…Global coal consumption also rose 1.4 per cent…[Even if these weather effects are short-lived, the world is on an unsustainable path, BP concluded. The] longer carbon emissions continue to rise, the harder and more costly will be the eventual adjustment to net zero carbon emissions…The stark warning came despite near-record rates of new renewables deployment, with renewable energy sources the largest source of new electricity generation worldwide for the third year in a row.

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China was once again the largest contributor to renewables' growth, with new generation in the country outstripping the entire OECD…[The US had] the largest-ever annual production increases by any country for both oil and natural gas…The figures provide a bleak contrast to rising public concern over climate change…BP and the wider oil industry have faced fierce criticism for investing a relatively small proportion of their capital expenditure in clean technologies and lobbying against more ambitious climate policies…[but a number of oil majors, including BP, have recently responded to investor pressure with] new emissions targets and stepped up their interests in low carbon infrastructure such as renewables, CCS, and electric vehicle charging…” click here for more

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