Coal news and updates

Despite coronavirus pandemic-related impacts, which hit the global energy industry hard, renewable energy continued to grow, but renewable energy alone will be insufficient to replace coal globally, experts said July 12.

 

Spencer Dale, BP's chief economist, said this is the 70th anniversary of the BP Statistical Review of World Energy and there have "been some pretty amazing events in global energy over that time, including the Suez Canal crisis in the 1950s, the two oil shocks in the 1970s, more recently the Fukushima tragedy and all these events had huge bearing on global energy systems, but all pale in significance to the events of last year."

Global energy demand fell by about 4.5% in 2020 as pandemic-related lockdowns spilled over into global energy, which was the largest decline since 1944, Dale said during a remotely held panel discussion hosted by Columbia University's Center on Global Energy Policy, adding that global carbon dioxide emissions fell by around 6%, which was the largest decline since World War II.

 

The biggest driver in the 4.5% decline in global energy demand was oil consumption, which declined by over 9 million b/d, accounting for about three quarters of the fall in total energy demand, he said.

 

Natural gas proved more resilient, falling by around 2% in 2020, and the smallest decline was in electricity consumption, which declined by around 1% last year, according to the review.

 

 

Source : https://www.spglobal.com/platts/en/market-insights/latest-news