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Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. There was also a partial unwinding of some of the one-off factors that boosted energy demand in 2018.
 
“This slowdown was particularly evident in the US, Russia and India, each of which exhibited unusually strong growth in 2018,” the study said.
 
The growth of coal in India, usually a key driver of coal consumption, was only 0.3 per cent– its lowest since 2001. These increases in coal consumption were more than offset by falls in demand in the developed world, led by the US and Germany.
 
“Global coal consumption and production fell by 0.6 per cent, its fourth decline in six years, displaced by natural gas and renewables, particularly in the power sector. As a result, coal’s share in the (global) energy mix fell to 27 per cent, its lowest level in 16 years. Coal consumption continued to increase in some emerging economies, particularly in China, Indonesia and Vietnam.”
 
The growth in carbon emissions in 2019 was also slowed from the sharp increase seen in the previous year, as primary energy consumption decelerated, and renewables and natural gas displaced coal from the energy mix.
 
Despite the globally lower consumption, China was by far the biggest individual driver of primary energy growth, accounting for more than three quarters of net global growth. India and Indonesia were the next largest contributors, while the US and Germany posted the largest declines in energy terms, the study said.
 
Commenting on the impact of Covid-19 crisis, Spencer Dale, bp chief economist said, “Global energy markets have been severely disrupted by the pandemic.”
 
Bernard Looney, bp chief executive officer, said: “The average annual growth in carbon emissions over 2018 and 2019 was greater than its 10-year average. As the world emerges from the Covid-19 crisis it needs to make decisive changes to move to a more sustainable path. The disruption to our everyday lives caused by the lockdowns has provided a glimpse of a cleaner, lower carbon world: air quality in many of the world’s most polluted cities has improved; skies have become clearer.”
 
“But to get to net zero by 2050, the world requires similar-sized reductions in carbon emissions every other year for the next 25 years,” Looney said.
 
Net zero means balancing carbon emissions with removal methods or simply eliminating carbon emissions altogether. This is a goal aimed at lowering the pollution levels emanating due to fossil fuel consumption.
Source: The Hindu Business Line


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Wednesday, 15 July 20
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Wednesday, 15 July 20
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