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The Yearbook analysis believes that the decline in global energy consumption growth is due to the slowdown in global economic growth, while individuals and businesses have increased energy efficiency in response to high energy prices. Emerging economies have become a source of stable demand growth, with China and India accounting for nearly 90% of total growth. Twenty years ago, emerging economies accounted for only 42% of global consumption, and this proportion has now risen to 56%.
In terms of energy classification, coal became the fastest growing fossil fuel in 2012. For the first time, China has become a country that consumes more than half of the world's coal. However, compared with the historical average, coal is also the fossil fuel with the largest decline in growth. Hydropower and renewable energy (and cheap natural gas in North America) are fuels that compete with coal. Renewable energy's share of power generation increased by 15.2%, accounting for 4.7% of global power generation, setting a historical record.
In addition, the Yearbook shows that in 2012 the United States achieved the largest annual increase in oil production since records began. In 2012, US oil and gas production achieved the highest increase in the world due to the growth of unconventional oil and gas production such as tight oil. This shows that with the continuous innovation and development of the global energy market, energy supply is increasingly diversified. In the United States, the increase in natural gas production has caused natural gas prices to fall, thereby helping natural gas to replace coal as a fuel for power generation, which also enabled the United States to achieve the largest decline in global coal consumption in 2012.
In other regions, global nuclear power generation also experienced the largest annual decline in 2012. After the Fukushima nuclear accident in 2011, Japan nearly stopped nuclear power generation and switched to importing more fossil fuels such as liquefied natural gas instead of nuclear power. In Europe, because natural gas prices are higher than in the United States, European power companies have taken the opposite of the United States to replace natural gas with coal.
Global energy consumption growth rate fell to 1.8% last year
Abstract "BP World Energy Statistical Yearbook" was released in Beijing on July 2. According to the Yearbook, the growth rate of global energy consumption in 2012 dropped from 2.4% in 2011 to 1.8%, lower than the average of the past 10 years. Yearbook
The BP World Energy Statistical Yearbook was released in Beijing on July 2. According to the Yearbook, the growth rate of global energy consumption in 2012 dropped from 2.4% in 2011 to 1.8%, lower than the average of the past 10 years.