BP Statistical Review of World Energy 2015

BP
http://on.bp.com/1tI9Y95

[Responding to Climate Change] …Coal will continue to play a big role in future energy generation, [BP] chief executive Bob Dudley said at the presentation on Wednesday of its annual statistic review, an energy industry bible.

Global production may have fallen 0.7% and consumption stalled in 2014 as the pace of China’s coal-led industrialisation slowed.

Though Dudley saw it simply going from the “fastest growing fossil fuel” last decade to its slowest – usage will expand 0.8% a year to 2035 – as America’s shale gas revolution leapfrogs it and China’s economy becomes more energy efficient.

Dudley and Spencer Dale, BP’s chief economist made no direct reference to the impact of a planned UN climate deal, due to be signed off in Paris in December, could have on the global energy mix.

Nearly 200 governments are set to back the pact, which could set a timeline for the phasing out of all fossil fuels.

Still, Dale suggested that “policy initiatives” and what he termed “societal preferences” could impact the future fuel mix and, he added, the role of non-fossil fuels.

Coal fight

Presenting the report, Dudley rejected claims oil and gas majors were ganging up on coal companies in a bid to present themselves as a green alternative.

Six European energy giants including BP backed putting a price on carbon last week, as they expressed their willingness to work with the UN to secure a global warming agreement this December in Paris.

And Shell’s CFO recently said if no more coal was burned, climate change would be solved.

But American producers haven’t been as vocal…

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