Currents - Energy Industry Insights - June 2020 #4

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Fossil Fuels Still Supply 84 Percent of World Energy — and Other Eye Openers from BP’s Annual Review -

"China was responsible for three quarters of the world’s energy consumption growth, followed by India and Indonesia. The U.S. and Germany posted the largest declines."

Why this is important: The BP Statistical Review of World Energy is always a fascinating read. Fossil fuels are still king, supplying 84 percent of energy needs, but renewables were a key part of the small increase in energy consumption last year. They currently provide about 5 percent of total world energy needs. Renewables include biomass burning, such as the burning of wood and dung in less developed nations, making up 25 percent of the renewables portfolio. While there is hope for significant increases in solar and wind power by 2030, it is looking less likely that they will be a substantial part of the energy consumed globally by that year.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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