Daily Management Review

Fastest Rate In A Decade For Carbon Emission Of Global Energy Industry in 2018


Fastest Rate In A Decade For Carbon Emission Of Global Energy Industry in 2018
In 2018, the global energy industry emitted carbon emissions at the fastest rate with the last decade because of additional demand for fossil fuels due to extreme weather in many parts of the world and sine sudden and significant changes in global temperatures.
This was revealed in the annual global energy report in British Petroleum which is given importance by the market. The report also showed that the demand and use of fossil fuel across the world is increasing for the first time because of temperature fluctuations despite the efforts from many quarters to address the issues of climate change.
The largest increase in gas consumption in the world in more than 30 years was driven by the temperature swings recorded during last year. Temperature swings are those days in which the day temperatures are higher or lower than normal. This also drove growth in the use of coal for energy globally for the second consecutive year in stark contrast to three years of decline of coal earlier this decade, the report showed.
The report showed that in 2018, there was a growth of 2 per cent in carbon emissions which was the fastest for any year since 2011 because the growth in energy from renewable sources was far lower than the demand for energy.
According to Spencer Dale, BP’s chief economist, this additional level of emission of green house gases has the same effect as driving an additional 400 million vehicles powered by combustion engine on the roads of the world. There is a “a growing mismatch” between the increasing demand for measures to address climate change and the actual progress that is being made by mankind as revealed by the report, Dale said.
In recent months there has been a significant growth in the levels of awareness about global climate change among the public because of a number of factors that include the protests led by the teenage activist Greta Thunberg and the Extinction Rebellion action which saw certain parts of central London being stalled completely because of the protests.
“At a time when society is increasingly concerned about climate change and the need for action, energy demand and emissions are growing at their fastest rate for years,” Dale said.
An increase in demand for fossil fuels in China, India and the US was the primary reason for increase in two-thirds of the world’s energy demand. That increase in demand was partly because of increase of demand in by industries as well as demands because of sudden changes in weather.
At the same time, the US saw highest increase in the number of days with hotter or colder than average days since the 1950s which resulted in an “outsized” energy appetite there. “On hot days people turn to their air conditioning and fans, on cold days they turn to their heaters. That has a big impact,” Dale said.
Such unnatural increase in the number of “heating days” in the US was also seen in the first months of this year.
“The longer carbon emissions continue to rise, the harder and more costly will be the necessary eventual adjustment to net-zero carbon emissions,” said Bob Dudley, BP’s chief executive. “As I have said before, this is not a race to renewables, but a race to reduce carbon emissions across many fronts,” he added.