BP report finds renewables is now the fastest growing source of energy

by Search Gate staff. Published Wed 10 Jun 2016 15:58, Last updated: 2016-06-10
Solar power generation grew by 38.2% last year
Solar power generation grew by 38.2% last year

Green energy now accounts for a record 6 percent of global power generation according to the BP Statistical Review of World Energy, published today.

Renewables were responsible for one third of the increase in overall primary energy use during a year in which global primary energy consumption growth slowed

The 2016 edition of the BP Statistical Review of World Energy highlights how “tectonic” shifts in global energy production and consumption have had profound implications for prices, for the global fuel mix, and for global carbon dioxide emissions.

The 64th annual edition highlights the continuing importance of the US shale revolution, with the US overtaking Saudi Arabia as the world’s biggest oil producer and surpassing Russia as the world’s largest producer of oil and gas.

On the consumption side, the Statistical Review records primary energy consumption slowing markedly, with growth of just 0.9% in 2014, a lower rate than at any time since the late 1990s (other than in the immediate aftermath of last decade’s financial crisis).

Chinese growth in consumption slowed to its lowest level since 1998 as its economy rebalances away from energy intensive sectors, though China remained the world’s largest growth market for energy.

Speaking at today’s launch, BP Group Chief Executive Bob Dudley said: “The eerie calm that had characterised energy markets in the few years prior to 2014 came to an abrupt end last year.

“However, we should not be surprised or alarmed. These events may well come to be viewed as symptomatic of a broader shifting of the tectonic plates that make up the energy landscape, with significant developments in both the supply of energy and its demand.

“Our task as an industry is to meet today’s challenges while continuing to invest to meet tomorrow’s demand, safely and sustainably.”

Global carbon dioxide (CO2) emissions from energy use grew by just 0.5%, the weakest since 1998 (other than in the immediate aftermath of last decade’s financial crisis). 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.

Renewable energy sources – in power generation as well as transport – continued to increase in 2014, reaching a record 3.0% of global energy consumption, up from 0.9% a decade ago.

Other highlights include:

* Renewable energy used in power generation grew by 12.0%, and renewables accounted for a record 6.0% of global power generation.

* China recorded the largest increment in renewables in power generation for a fifth consecutive year; growth last year (+15.1%) was one-third the 10-year average.

* Globally, wind energy (+10.2%, +65 terawatt-hours) grew by less than half of its 10-year average.

* Solar power generation grew by 38.2% (+51 terawatt-hours).

* Global biofuels production grew by a below average 7.4% (+144,000 bpd).



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