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The world’s power consumption rose by 5.8% in 2021 to surpass pre-pandemic ranges, which led to a 5.7% improve in greenhouse fuel emissions from power use, BP (NYSE:BP) mentioned in its annual Statistical Evaluate of World Power, revealed Tuesday.
“Carbon emissions have risen in yearly for the reason that Paris targets have been agreed,” count on for 2020, BP (BP) Chief Economist Spencer Dale mentioned. “The world stays on an unsustainable path.”
International oil demand in 2021 grew by 5.7M bbl/day to 96.9M bbl/day, in line with BP’s report, however was nonetheless 3.7M bbl/day beneath pre-pandemic ranges, pushed largely by weak point within the aviation business, which was one-third beneath pre-COVID ranges.
Fossil fuels accounted for 82% of major power use final yr, in comparison with 83% in 2019 and 85% 5 years in the past, the report mentioned.
Demand for pure fuel rose 5.3% in 2021, topping pre-pandemic 2019 ranges and crossing the 4T cm stage for the primary time.
Coal consumption rose by greater than 6%, barely above 2019 ranges and its highest stage since 2014.
“The pronounced dip in carbon emissions in 2020 was solely non permanent,” Dale mentioned whereas additionally pointing to robust progress in wind and photo voltaic, accounting for 13% of whole energy technology.
Exxon Mobil CEO Darren Woods mentioned just lately that power markets seemingly will stay tight for an additional 5 years.
