Wed. Jul 28th, 2021

Energy industryBPs annual report exposes sustainable energy boom in pandemic coincided with downturn in demand for oilThe worlds wind and solar energy capability grew at a record rate last year while the oil market recorded its steepest depression in demand considering that the 2nd world war, according to BP.The effect of coronavirus lockdowns on the energy industry led carbon emissions to drop by 6% on the year prior to, the sharpest decline given that 1945, according to BPs annual review of the energy sector.But the report states the impact of Covid on carbon emissions needs to be duplicated every year for the next 3 decades if governments hope to limit international heating to 1.5 C above pre-industrial levels. Last year BP set out a strategy to cut its oil production and increase its renewable energy generation within the next decade, en route to ending up being a net no energy business by 2050. Maybe more than anything it also needs existing energy companies to decarbonise, and in so doing utilize their scale and knowledge to help bring about the deep and complex rewiring and replumbing of the international energy system that the world requires and wants to see over the next 30 years. Dale said the collapse in demand was “far larger than anything seen in history and far larger than the falls” in other energy sources.Meanwhile the “ruthless expansion of renewable energy” implied electrical power generated by wind, solar and hydroelectricity plants was “relatively unscathed”, Dale said.The report found that worldwide wind and solar power capacity grew by 238GW in 2020, more than five times greater than the UKs total eco-friendly energy capacity. The increase was mainly driven by China, which accounted for roughly half of the worldwide increase in wind and solar energy production capacity, however even managing for that 2020 was a record year for building wind and solar farms.Dale stated the trend away from fossil fuels and towards eco-friendly energy last year was “exactly what the world requires to see as it shifts to net absolutely no”.

Energy industryBPs yearly report reveals renewable energy boom in pandemic corresponded with downturn in need for oilThe worlds wind and solar energy capability grew at a record rate last year while the oil market recorded its steepest downturn in demand considering that the 2nd world war, according to BP.The effect of coronavirus lockdowns on the energy industry led carbon emissions to plummet by 6% on the year prior to, the sharpest decline since 1945, according to BPs annual review of the energy sector.But the report states the effect of Covid on carbon emissions needs to be duplicated every year for the next 3 years if federal governments hope to restrict global heating to 1.5 C above pre-industrial levels. Dale said the collapse in need was “far bigger than anything seen in history and far bigger than the falls” in other energy sources.Meanwhile the “relentless expansion of eco-friendly energy” implied electricity produced by wind, solar and hydroelectricity plants was “relatively untouched”, Dale said.The report discovered that global wind and solar power capacity grew by 238GW in 2020, more than 5 times greater than the UKs total renewable energy capacity. The boost was generally driven by China, which accounted for roughly half of the global boost in wind and solar energy production capability, however even managing for that 2020 was a record year for building wind and solar farms.Dale said the trend away from fossil fuels and towards sustainable energy last year was “exactly what the world requires to see as it transitions to net absolutely no”.

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