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World energy demand ‘slowing’: BP

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”.

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