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Global energy consumption topped pre-pandemic levels in 2021, says BP
Global Banking & Finance Review®
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By Ron Bousso
LONDON (Reuters) – Global energy consumption rose by 5.8% in 2021, exceeding pre-pandemic levels as economies revved up activity, while strong growth in renewable energies chipped away at fossil fuel use, according to a benchmark report by BP.
Oil demand last year was 3.7 million barrels per day (bpd) below 2019 levels, driven primarily by weakness in the aviation sector, which was 33% below pre-pandemic levels, BP said in its 2021 Statistical Review of World Energy.
The rapid economic recovery also led to a 5.7% increase in greenhouse gas emissions from energy use, roughly similar to 2019 levels.
“The pronounced dip in carbon emissions in 2020 was only temporary,” BP Chief Economist Spencer Dale said in the report.
(Graphics: https://fingfx.thomsonreuters.com/gfx/ce/jnpweokzbpw/Primary%20energy.jpg)
(Graphics: https://fingfx.thomsonreuters.com/gfx/ce/gkplgeqzxvb/World%20consumption.jpg)
Here are some highlights from the report:
CONSUMPTION – BACK TO 2019
* Primary energy demand increased by 5.8% in 2021, exceeding2019 levels by 1.3%. * Fossil fuels accounted for 82% of primary energy use lastyear, against 83% in 2019 and 85% five years ago.OIL – AVIATION STILL LAGS
* Oil demand in 2021 averaged 96.9 million bpd, some 3.7million bpd below 2019 levels. * Much of this weakness was concentrated in aviation-relatedoil demand, which was more than 2.5 million bpd, or 33%, below2019 levels. * Global oil production increased by 1.4 million bpd in2021, with the OPEC+ group of producing nations accounting formore than 75% of the increase. (Graphics: https://fingfx.thomsonreuters.com/gfx/ce/zdpxoejwxvx/Shere%20of%20global%20primary%20energy.jpg)
NATURAL GAS – LNG GROWTH SLOWS
* Global natural gas demand grew 5.3% in 2021, recoveringabove pre-pandemic 2019 levels and crossing the 4 trillion cubicmetres mark for the first time. * Its share in primary energy in 2021 was unchanged from theprevious year at 24%. * Liquefied natural gas (LNG) supply grew by 5.6%, or 26billion cubic metres (bcm), to 516 bcm in 2021, its slowest rateof growth since 2015 (other than in 2020)COAL – THE RETURN OF KING COAL
* Coal consumption rose by more than 6% in 2021, slightlyabove 2019 levels and its highest level since 2014. * China and India accounted for more than 70% of the growthin coal demand in 2021.(Graphics: https://fingfx.thomsonreuters.com/gfx/ce/znvnegqolpl/Russian%20Europe%20share.jpg)
RENEWABLES – FASTEST GROWTH
* Renewable primary energy (including biofuels but excludinghydro) increased 15% in 2021, stronger than the previous year’s9% and any other fuel in 2021. * Solar and wind capacity continued to grow rapidly in 2021,increasing by 226 gigawatts (GW), close to the record 236 GWjump in 2020.(Graphics: https://fingfx.thomsonreuters.com/gfx/ce/gdpzygjenvw/Emisions.jpg)
(Reporting by Ron Bousso; Editing by David Goodman)
Renewable energy is energy derived from natural sources that are replenished at a faster rate than they are consumed, such as solar, wind, and hydroelectric power.
Fossil fuels are natural substances formed from the remains of ancient plants and animals, primarily coal, oil, and natural gas, used as energy sources.
Greenhouse gas emissions are gases released into the atmosphere that trap heat, contributing to global warming and climate change, including carbon dioxide and methane.
Natural gas is a fossil fuel composed mainly of methane, used for heating, electricity generation, and as an industrial feedstock.
Coal consumption refers to the amount of coal burned for energy production, which has seen fluctuations based on energy policies and market demands.
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