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bp: 2020 showed largest annual increase in solar energy consumption

Monday, 12 July 2021

bp’s Statistical Review of World Energy 2021 reveals that the COVID-19 pandemic had a dramatic impact on energy markets, with both primary energy and carbon emissions falling at their fastest rates since the Second World War. Nevertheless, renewable energy continued to grow, with solar power recording its largest-ever increase.

Some of the highlights from the report include:

  • Primary global energy consumption fell by 4.5% last year, which was the largest annual decline since 1945.  U.S., India, and Russia contributed the largest annual declines in energy consumption.
  • Oil was responsible for approximately three-quarters of the decline, with global oil consumption falling 9.3% from 2019 levels to 88.5 million barrels per day (BPD). Natural gas consumption declined by 2.3%.
  • Despite the massive decline in global energy demand, global renewable energy consumption grew by 10% in 2020. Solar electricity consumption rose by 20% with solar capacity increasing by 127 Gigawatts (GW), while wind capacity grew 111 GW.
  • China was the largest contributor to renewables growth followed by Europe and the U.S.

Bernard Looney, chief executive officer of bp said: 

“I sincerely believe that companies like bp with net-zero ambitions, coherent plans, and near, ‎medium, and long-term aims – companies that are committed to ‘greening’ – have a hugely ‎significant part to play in achieving the Paris goals. Yes, the world needs more low carbon ‎companies. But maybe more than anything, it also needs existing energy companies to ‎decarbonize and in so doing use their scale and expertise to help bring about the deep and ‎complex rewiring and replumbing of the global energy system that the world wants and needs to ‎see over the next 30 years‎.”‎

Source: Statistical Review of World Energy (bp.com)