The International Energy Agency’s report on the future of petrochemicals, which was published last week, provides salutary reading for those who imagine that oil demand is about to peak and then collapse. Demand for petrochemicals has nearly doubled since 2000 and the sector now consumes 14 per cent of daily global oil use (13m barrels a day) and 8 per cent of gas (300bn cubic metres). In addition, China uses coal as the feedstock of a chemicals sector that has grown from a minimal base over the last two decades. The environmental impact of the petrochemical sector is substantial. Emissions from their production may not be as substantial as those from steel and cement (both of which rely predominantly on coal) but they still account for 18 per cent of the global total of industrial carbon dioxide emissions.
FT 15th Oct 2018 read more »
A new report published has shown that Great Britain reported a record-low share of generation from fossil fuels in the third quarter, dropping to 41% of total generation for the first time. The UK-based energy analysts EnAppSys report – GB Electricity Market Summary for the third quarter of 2018 (July to September) says fossil fuels have fallen from 74% of the total back in the third quarter of 2010 as the Government closed coal plants and the share of renewable energy skyrocketed. For comparison, in the third quarter of 2010, renewables were only generating 5.5 TWh of electricity, or approximately 7% of Great Britain’s total, but have since risen to 18.2 TWh, or 28%, by the third quarter of 2018.
Renew Economy 15th Oct 2018 read more »