Today bp does something we’ve done annually since 1952 - publish our Statistical Review of World Energy, an objective look at last year’s energy trends. This year’s review has extra significance. We publish during a pandemic, a global recession, and immediately following history’s worst oil shock. That makes it the first look at the last year before COVID-19 – a detailed picture of business as usual, published in a year that is anything but business as usual. What does it tell us? Well, some good news. Last year, renewables provided 10% of global power. But there’s bad news. Last year, carbon emissions grew by 0.5%. The longer that rise continues, the harder it will be to reach to net zero. Of course, one effect of the pandemic is that emissions may fall again – perhaps by as much as 2.6 gigatonnes. But to get to net zero by 2050, we need similar-sized reductions in emissions every other year for the next 25 years. And the price paid for that 2.6 gigatonne drop is terrible – lost lives, businesses and jobs. For me, that shows the challenge we face. We can’t lockdown every year. We need another way - to build back better. I hope it's of use - you can see our full report here: https://on.bp.com/2Yb9KNo #bpStats
Great overview Mr Bernard Looney. Your leadership will lead bp to the 2050 Net Zero Target 🎯😊.
Bernard, we do need another way and part of that way isn’t even in coming up with clever machines to pump carbon out of the atmosphere but doing something very simple like changing our WAYS. Don’t ask your employees to be in the office every day if they don’t need to be there. Tons of carbon saved. Stop printing altogether, save trees! Millions of them. Reduce business travel for executives and senior management, lower ranks already forgot what business travel is but more senior colleagues still travel a lot, much more than really needed. Carbon footprint would come down a lot. These are what people like calling low hanging fruit. The rest can be achieved through careful life cycle management of the fields, technology/AI and accelerated transition to renewables.
Adriaan Kamp
3y
Noted. Thanks for sharing this annual publication, for now- so long.
Good thought Bernard Looney, the problem is that we are still avoiding the term 'Carbon Footprint'. A few years back when I was working in O&G sector, this term caught up the attention. From making a coffee to driving a car was studied and footprint was prepared. Seems like all those studies are put in some corner. Would be good to get back to that and see where in that chain we can make the difference. By the way, why Jaipur? 😊
This annual report and those like it from your peers are a true service. Thank you. But in addition to moving beyond the lock down, it's time to move beyond the lock down rhetoric. Because much of the economic impact of covid is self-imposed rather than policy-imposed, we should be clear-headed about what it means to 'build back better.' In the US, for example, excluding New York City metro area states (NY/NJ/CT), covid cases are on the rise. If public perceptions of risks to economic engagement are also rising as one would expect, we are likely to observe an economic headwind from self-imposed distancing that is at least as significant as that from policies at Federal, state, and municipal levels. "Build back better" will depend little on who wins tribal arguments over public health policies, and more upon creative and innovative responses to this structural shock to how we produce and consume.
Roy Robinson
3y
As always an excellent reference point. I would suggest that given the trends next year world Hydrogen and Green Fuel production levels be added as data points. By Green Fuels I mean fuels made from green hydrogen combined with CO2, not bio-fuels
Barney Gray
3y
It will be interesting to see if global carbon emissions fall this year. Less travel and demand for energy generally, perhaps suggests that carbon emissions should drop. The UK has not burned coal for example for 2 months! But, as 'things' recover, will the expected surge in energy demand outstrip the drop experienced in the last few months? Unless organisations can recover while maintaining a low carbon output, it will not be easy.
Any news on 3Q20 and 4Q20 demand projections?
Grandad, Restorer, Carer, Campaigner, and Retired Subsurface Manager
3yFascinating to see “build back better” here and in Layla Moran’s LibDem leadership campaign material in the same week. Is Bernard a LibDem?