Still Optimistic?

June 17, 2019

For those who retain a significantly optimistic outlook on issues relating to carbon dioxide emissions reductions and climate change, the BP Statistical review for this year, just issued, and considered one of the most authoritative annual analyses of the energy industry, is sobering, to say the least…

Governments continue to dither, elected governments trying to please industry, the citizenry, the financial institutions, all the while guaranteeing their re-election. Tough to do. Worse not to do.

From Oil and Gas Journal, “BP report sees energy emissions ‘mismatch’”:

Citing a “growing mismatch” between hope and action, BP executives released the company’s annual Statistical Review of World Energy featuring slow progress on climate change and rapid growth in energy demand and emissions of carbon dioxide.

The report also noted that the US recorded the largest-ever annual production increases by any country for oil and natural gas, “the vast majority” coming from onshore shale plays.

Global energy demand grew by 2.9%, and carbon emissions grew by 2% in 2018, “faster than at any time since 2010-11,” BP said in a press release.

“There is a growing mismatch between societal demands for action on climate change and the actual pace of progress,” said Chief Economist Spencer Dale, citing the increases in energy demand and carbon emissions. “The world is on an unsustainable path.”

Natural gas consumption and production increased 5% last year and accounted for 40% of global energy demand growth.

Consumption of renewable energy grew by 14.5%, near the record increase of 2017, but still accounted for only one third of the increase in total power generation.

Global oil consumption grew by 1.5%.

The record production increments in the US were 2.2 million b/d for oil and 86 billion cu m for the year for natural gas.