• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 3 mins Which type of Hegemony will China follow
  • 17 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 5 mins China gets caught?
  • 7 hours Demand for Diesel vs. Oil
  • 20 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 3 hours Us Shale: Moving the US shale revolution forward
  • 2 days Here is Why People Lose Money Trading Natural Gas
  • 21 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 1 day Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Let’s take a Historical walk around the Rig
  • 2 days US Shale: Technology
  • 2 days Governments that wasted massive windfalls
OPEC+ Halts Slide In Oil Prices

OPEC+ Halts Slide In Oil Prices

After several days of losses,…

IEA: Carbon Emissions Break Record In 2018

Emissions

Carbon emissions reached 33.1 gigatons last year, breaking their previous record even though the annual increase was relatively modest, at 1.7 percent, the International Energy Agency said in its new Global Energy & CO2 Status Report.

The disheartening increase that came amid an even stronger push towards a shift from fossil fuels to renewables came on the back of new addition to the coal plant capacity of developing countries in Asia. This growth resulted in coal accounting for 30 percent of all energy-related CO2 emissions last year. What’s more, the new coal power plant additions in Asia more than offset plant closures in other parts of the world.

Despite the somewhat depressing data, which should not have come as a surprise in any case, there was some good news as well. Energy demand rose by 2.3 percent last year, which was almost double the average annual growth rate for the period since 2010, the IEA, noted, but most of that higher demand was satisfied with energy sources cleaner than coal and oil.

Gas was the fastest-growing growing energy source in 2018, accounting for almost 45 percent of the increased energy demand. Oil demand also increased, but not so impressively. Together, fossil fuels covered some 70 percent of the higher energy demand.

Meanwhile, renewables adoption grew by a double-digit rate, which was certainly encouraging. Unfortunately, this rate of growth in new renewable installations could not keep up with the pace of rising energy demand. Still, solar, wind, and other renewable energy sources covered 25 percent of primary energy demand last year. This was thanks to more renewable power generation additions: in power generation, renewables accounted for 45 percent of demand growth in 2018.

The IEA noted that electricity is turning into “the fuel of the future”, which will likely drive further renewable energy adoption in the years to come. Still, demand for fossil fuels will remain, with gas leading the way as the cleanest of the fossil fuels.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play