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Energy round-up: tectonic shifts
Energy round-up: tectonic shifts
Photo credit: 
gnuckx
Three things you shouldn’t miss this week
- Chart: Is the global economy becoming less energy intensive?
Source: BP Statistical Review of World Energy 2015
- Article: Fossil fuel divestment is rational, says former Shell chairman – Mark Moody-Stuart is also worried about the lack of industry progress in addressing climate change.
- Article: BP sees ‘tectonic shift’ in world energy production – Energy consumption slows dramatically as China cutback and Opec battle US shale drillers.
This week the latest edition of the BP Statistical Review of World Energynoted two important trends.
- Renewables are still the fastest growing source of global energy
In 2014 global energy consumption growth fell to its lowest level since 1998: even better is that renewables made up 30% of that growth. While this is positive, the scale of the challenge can’t be underestimated: BP’s report shows that renewables still contribute just 3% of global primary energy.
Indeed, a new report from the IEA this week called for more policy support for the sector because the current rate of progress is not fast enough to meet the 2°C climate target. For the same reason, a group of scientists and economists led by Sir David King, former chief scientific advisor to the UK government, called for an Apollo-style mission to make renewable power cheaper than coal within a decade.
- Global greenhouse gas emissions growth has slowed to 0.5%
However, the emissions figures aren’t as positive as the IEA’s preliminary estimates which showed 2014 emissions stalling at 2013 levels. While it’s encouraging to see emissions growth starting to slow, we mustn’t forget that what we really need is a rapid decrease overall.
…click on the above link to read the rest of the article…
Energy round-up: the next five years
Energy round-up: the next five years
Three things you shouldn’t miss this week
- Article: What will a Conservative majority mean for climate and energy? – Carbon Brief’s essential post-election summary.
- Report: Decarbonizing Development Three Steps to a Zero-Carbon Future – What needs to happen now for the world to have zero emissions by 2100.
- Chart: Low oil prices are making their mark on shale output in the US:
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Energy and climate policy was scarcely mentioned during the UK election campaign. With a new government in place much sooner than expected, what do the next five years hold?
The appointment of Amber Rudd as the new Energy Secretary waswelcomed by environmentalists, with the Renewable Energy Association hailing her as “a champion of renewables and low-carbon economy”. But then, as her predecessor Ed Davey found, policy in this critical area is not exclusively controlled by the Secretary of State.
On low-carbon policy the Conservative manifesto is mixed: it pledges to support value for money renewables while simultaneously promising to abolish financial support for new onshore wind farms – one of the cheapest low carbon energy options. The new government is also a staunch supporter of fracking – but those hoping to replicate US expansion would be wise to notice the tide is turning (see our chart of the week).
Whether the fall in US shale output is temporary or terminal remains to be seen, but at least one prominent financier is scathing about the industry’s prospects. Shares in drilling companies plunged after hedge fund manager David Einhorn, famous for predicting the collapse of Lehman Brothers in 2008, likened the industry’s business model to “using $50 bills to counterfeit $20s”.
…click on the above link to read the rest of the article…
