Carbon emissions stayed flat for the third year in a row as energy markets shifted away from coal while renewables continued to grow, BP said yesterday.
The oil giant said in its 66th annual Statistical Review of World Energy that coal use had fallen steeply two years in a row, to the point where the UK had its first full day without coal power since the industrial revolution in April.
BP also said oil markets were rebalancing thanks to stronger demand and weaker supply, but that inventories continued to weigh on oil prices.
Introducing the review, BP chief executive Bob Dudley said: “Global energy markets are in transition. The longer-term trends we can see in this data are changing the patterns of demand and the mix of supply as the world works to meet the challenge of supplying the energy it needs while also reducing carbon emissions.
“At the same time markets are responding to shorter-run run factors, most notably the oversupply that has weighed on oil prices for the past three years.
“To understand these forces at work and their implications for the future, we need timely, reliable data.
“This is why we produce the Statistical Review – to provide the accurate global information that will contribute to discussion, debate and informed decision-making around the world.”
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