BP: World energy consumption to exceed pre-epidemic levels by 2021
BP (NYSE:BP) (BP.US) said in a report released Tuesday that world energy consumption increases by 5.8% in 2021, exceeding pre-epidemic levels and leading to a 5.7% increase in carbon emissions due to energy use.
Spencer Dale, chief economist at BP, noted that carbon emissions have continued to rise every year since the Paris agreement was reached, except for 2020 when production activity comes to a halt due to the epidemic. "The significant decline in carbon emissions in 2020 is only temporary," he said. "The world is still on an unsustainable path."
According to the BP report, global oil demand increases by 5.7 million bpd to 96.9 million bpd in 2021, but remains 3.7 million bpd below pre-epidemic levels, largely due to weakness in the aviation sector.
The report notes that fossil fuels account for 82% of primary energy use in 2021, a figure that stood at 83% in 2019 and 85% five years ago. Natural gas demand grew by 5.3 percent last year, surpassing pre-epidemic levels; coal consumption grew by more than 6 percent, slightly above 2019 levels and the highest level since 2014. In addition, wind and solar power, which account for 13 percent of total electricity generation, are growing strongly.
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