Energy demand stayed low in 2016, as the fuel mix shifted towards cleaner energy sources
China and India accounted for almost all the growth, says BP, and global emissions were flat for the second year in a row
Long-term, irreversible changes in world energy markets were evident in 2016, found BP's 66th statistical review, out now. The British oil and gas company found that while energy consumption grew by just 1%—compared with a 10-year average of 1.8%—this growth was almost entirely sustained by developing countries, especially India and China. The relatively low rate of demand can be partly explained, BP said, by the weak economic growth in China last year, and especially a slowdown in its iron, steel and cement industries. Global GDP only grew by 3%, its slowest rate since 2002. China surpassed the US as the biggest renewable producer in the world, while BP chief economist Spencer Dale said it
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks