Global energy trends point towards growth in renewables: BP

Primary energy consumption rose by 1.3% worldwide in 2019, which was less than half the rate of growth in 2018 (2.8%). This is according to BP’s latest Statistical Review of World Energy 2020 report, which provides a comprehensive analysis of global energy data from 2019 and emerging trends prior to the COVID-19 pandemic.

The report reveals that overall growth in the energy markets slowed in 2019, with all fuels other than nuclear growing at a slower rate than their 10-year average. According to BP, growth in 2019 was mainly driven by renewable energy and natural gas, which together contributed over three-quarters of the net increase—while coal consumption declined for the fourth time in the past six years.

Here are some of the statistical highlights:

• Oil's share of the global energy mix dropped slightly to 33.1% in 2019. Last year, oil consumption grew by 0.9 million barrels per day (b/d), representing a 0.9% growth that is slightly lower than the 10-year average of 1.3%. By product, the consumption growth was led by ethane and LPG, helped by the substitution of naphtha in petrochemicals. 
• The share of natural gas in the energy mix rose to a record high of 24.2% in 2019. Global natural gas consumption growth averaged 2% last year, driven by demand from the US and China. However, BP notes that the growth in US and Chinese gas consumption was much slower than in 2018, as the boost from weather effects and policy driven coal-to-gas switching in China waned.
• Led by wind and solar power, renewables accounted for over 40% of the global growth in primary energy last year, which is more than any other fuel. The share of renewables in power generation also reached 10.4% in 2019, surpassing nuclear for the first time.
• Coal remains the single largest source of power generation, accounting for more than 36% of global power in 2019. This was despite world coal consumption declining by 0.6% last year and coal's share in the energy mix (27%) falling to its lowest level in 16 years.
• Carbon emissions from energy use grew by 0.5% in 2019, less than half the 10-year average. Slower growth in energy demand and a shift away from coal towards natural gas and renewables led to the slowdown in the growth of carbon emissions. However, this only partially reversed some of the unusually strong increase in carbon emissions (2.1%) in 2018.

In his statement introducing the report, BP chief executive Bernard Looney outlined the challenges ahead to reach net zero: "The IEA estimates that global CO2 emissions may fall by as much as 2.6 gigatonnes this year. That has come at considerable cost and as economies restart and our lives return to normal there is a risk that these gains will be lost. 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."

Read the full “BP Statistical Review of World Energy 2020” for more insights and analysis.