BP's Stats Review 2020 show energy trends before COVID-19

UK's BP released the 69th annual edition of the its Statistical Review of World Energy for 2020 that highlights the global energy trends emerging prior to the current COVID-19 pandemic.

In a statement, BP said that the report show in some aspects – such as the continuing strong growth in renewables – encouragement that the world is moving onto a more sustainable path, others – including continuing persistent growth in carbon emissions – underline the scale of the challenge for the world to reach net zero.

Introducing the Review, Bernard Looney, BP chief executive officer, said: “As the world emerges from the COVID-19 pandemic, it feels like we are at a pivotal moment. Net zero can be achieved by 2050. The zero-carbon energies and technologies exist today – the challenge is to use them at pace and scale, and I remain optimistic that we can make this happen.

"For bp, the pandemic has only reinforced our commitment to our ambition to become a net zero company by 2050 or sooner and to help the world get to net zero, by highlighting both the fragility of our planet and the opportunities it provides to truly build back better.”

Key findings from the BP Stats Review 2020 include:

• Growth in primary energy consumption slowed to 1.3 per cent in 2019, less than half the rate of growth the previous year (2.8 per cent).
• Carbon emissions from energy use grew by 0.5 per cent in 2019, only partially unwinding the unusually strong growth of 2.1 per cent seen in 2018. Average annual growth in carbon emissions over 2018 and 2019 was greater than its 10-year average. 
• Renewables contributed their largest increase in energy terms on record (3.2 exajoules). They accounted for over 40 per cent of the global growth in primary energy last year, more than any other fuel. Their share in power generation (10.4%) also surpassed nuclear for the first time.
• Natural gas consumption increased by 2 per cent, well below the exceptional growth seen in 2018, but its share of primary energy still hit a record high (24.2 per cent). Natural gas production rose by 3.4 per cent, buoyed by a record increase in liquefied natural gas exports (54 billion cubic metres).
• Oil consumption grew by a below-average 0.9 million barrels per day (b/d), or 0.9 per cent, while demand for all liquid fuels, including biofuels, topped 100 million b/d for the first time.
  

Spencer Dale, BP chief economist, added: “Global energy markets have been severely disrupted by the pandemic. bp’s Statistical Review highlights the key energy trends emerging before COVID-19 and I hope it will be a valuable source of information as the world emerges from the pandemic and transitions towards net zero.”

The BP Statistical Review of World Energy and other related materials are available online at www.bp.com/statisticalreview