Global renewable energy usage rose by more than 15% last year while the US saw the world’s highest growth in production of both oil and gas, according to a new report.
But the 62nd annual BP Statistical Review of World Energy found the world’s energy consumption was down, after growing just 1.8% in 2013 – well below the 2.6% 10-year average.
Africa was the only region where energy consumption growth was above average, as oil dropped to the lowest market share in nearly 50 years. Global consumption grew by 0.9%, or 890,000 barrels per day, with China recording the largest increase in consumption.
Despite the drop, the report found that oil remains the leading fuel, responsible for almost a third (33.1%) of global energy consumption.
BP said it now estimated global oil reserves at 1,669billion barrels at the end of 2012 – 15billion barrels higher than the previous year’s estimate, but global gas reserves were revised down sharply to 187.3trillion cubic metres for 2012, compared to 208.4trillion a year earlier.
Japan saw imports of fossil fuels dramatically increase last year, as nuclear power generation suffered from the impact of the previous year’s Fukushima accident, while coal usage grew in Europe in response to high gas prices.
“For those of us in the energy industry, the challenges are about how we respond to the big shifts we are seeing – a shift in demand towards emerging economies and a shift in supply towards a greater diversity of energy sources, including unconventionals,” said Bob Dudley, BP Group Chief Executive.
China’s consumption levels of coal – taking the majority share of world consumption – ensured it remained the fastest growing fossil fuel, Indoneisa also saw significant growth in its use, with a 9% increase, as coal reached the highest share of global energy consumption since 1970.
Renewable and hydroelectric energy competed against coal in power generation, accounting for a record 4.7% of global power output and seeing a 15% rise in the amount of renewable energy used in power generation.
The full report can be read here.
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