Published: Wed, June 14, 2017
Culture | By Stewart Greene

Trump clings to coal as worldwide demand plummets

Trump clings to coal as worldwide demand plummets

More than half of growth in renewable power came from wind, which increased by 16% previous year, while solar energy represented around a third of the overall expansion in renewable power.

The country's decreasing reliance on the fuel, large population and enormous investment in renewables mean it is increasingly being seen as a global leader on climate change, after the USA withdrew from the Paris agreement earlier this month.

As a whole, in 2016, oil production in Russian Federation rose by 2.2 percent, up to 12.2 percent of world oil production, with an average level of growth over the past 10 years standing at 1.4 percent, the report demonstrated.

While that slowdown resulted from sluggish global economic activity, it also stemmed from greater efficiency in engines and factories, he said. Almost all the growth came from developing countries, with China and India accounting for around half of new demand.

As oil demand growth continues to outstrip production growth, global oil stocks - which have plagued the market since 2014 - will start falling "more materially" in the second half of this year, Dale said. Of particular note among BP's findings regarding renewable energy: For the first time, China surpassed the U.S.as the world's biggest producer of non-hydro renewables.

Global coal production plunged by the largest percentage on record in 2016 amid flat demand for energy and inroads by cleaner sources of power, the oil major BP reported Tuesday. Production at US coal mines fell by 19 percent.

Dale compared U.S. oil production to a 1970s toy, the Weeble, whose slogan was "Weebles wobble but they don't fall down".

Worldwide, oil consumption grew by 1.5%, driven by stronger-than-usual growth in rich countries, but production growth was weak in the face of low oil prices.

"I am less anxious than others", he said.

Renewables such as solar and wind power were the fastest-growing source of energy, rising by 12 percent and accounting for a third of the overall growth in demand. The industry now accounts for 4 percent of primary energy production worldwide.

This was most profound in China, which became the world's largest single producer of renewable power past year, overtaking the U.S., while the Asia Pacific overtook Europe and Eurasia to become the largest producing region.

Global carbon emissions, which grew at an annual average rate of about 2.5 percent in the 10 years to 2013, remained stagnant in the past three years, Dale said.

"While welcome, it is not yet clear how much of this break from the past is structural and will persist".

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