BP Current Affairs - 2020
As per a closely-watched review by United Kingdom (UK) based energy giant BP, titled “The BP Statistical Review of World Energy”, the global carbon emissions grew by 2.0% in 2018, the highest rate since 2010-2011. BP is a London based, British multinational oil and gas company.
Key Findings of Study
- The study called that the current trend of increasing carbon emissions is putting world on an ‘unsustainable’ path.
- There is a growing mismatch between societal demands for action on climate change i.e. for cutting a country’s net greenhouse (GHG) emissions to zero and the actual pace of progress being made in the domain.
- The energy demand and carbon emissions are currently growing at their fastest rate for years.
- The global energy demand grew by 2.9%. A part of this rise was met by increasing shale rock reserve exploitation in United States (US), which recorded fastest rise of oil and natural gas production in world, in recent times.
- Although the use of renewable forms of energy globally grew by 14.5% in 2018 but it still accounted for just 33% of total rise in power generation in 2018.
- Significance: The study highlights that a focus on green/renewable forms of energy will not be able to achieve net-zero GHG emission targets, rather the governments should to do more towards cutting the use of polluting coal and oil. This means that It should not be a race to renewables, but a race to reduce carbon emissions across many fronts.
About BP Statistical Review of World Energy
- It is viewed as an energy industry standard.
- It pools data on everything such as from the size of countries’ oil reserves to their production of renewable energy and various consumption rates.
Global efforts taken for CO2 Emissions
- Globally, governments are coming under intensifying pressure from campaigners to set deadlines by which they will cut their net greenhouse (GHG) emissions to zero.
- Britain’s top advisory body on climate change has recommended that British government must target for cutting their net GHG emissions to zero by 2050. This is the same deadline adopted by some other European governments.
- The progressive wing of US Congress is pushing for year 2030 as a deadline for US government to cut their net GHG emissions to zero. Although most analysts view this target as unattainable and prohibitively expensive to reach.