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The growth in global demand for energy has slowed, with greater generation from renewables, a new report suggests.
Statistical Review of World Energy, released by BP, said global energy consumption increased by just 0.9% in 2014, a level not seen since the late 1990s. The greater role played by renewable energy meant that carbon emissions from energy use grew by just 0.5%.
As we have previously explained, the way energy is generated is rapidly changing, although BP also noted the importance of oil supply outstripping demand (global oil consumption grew by 0.8%, while oil production grew by 2.3%) and the importance of ‘fracking’ and the ‘gas revolution’, especially in the US. Globally, production increased for all fuels except coal and renewable energy saw the fastest growth rate, now making up 3% of global energy needs.
A Chinese move away from energy-intensive sectors like steel production also contributed to a changing energy picture.
BP chief executive Bob Dudley said that the events of 2014 “may well come to be viewed as symptomatic of a broader shifting in some of the tectonic plates that make up the energy landscape”.
The rapid changes in the energy industry offer a valuable opportunity for UK small to medium sized businesses to get a better deal on their business gas and electricity. But many are too busy to spend the hours needed to compare business energy suppliers.
We understand that energy is not the priority for busy SME owners. Leave it to us instead: SwitchMyBusiness.com can switch you to a new business gas or electricity supplier in just 20 minutes. Simply complete the form on the top right of this page or call 0330 0100 251.
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