A sharp slowdown in China’s economy, increasing use of wind and solar power and the collapse in the prices of oil and natural gas triggered an unprecedented fall in global coal consumption last year, according to BP. Spencer Dale, the company’s chief economist and a former member of the Bank of England’s monetary policy committee, described 2015 as “an annus horribilis for coal”, with its global consumption and production numbers suffering their biggest declines on record. Mr Dale said that global coal consumption had fallen by 1.8 per cent in 2015 to just over 3.8 billion tonnes of oil equivalent, well below the ten-year average growth rate of 2.1 per cent. “It’s the biggest fall in the consumption and production of coal on record,” he said at the launch of BP’s annual statistical review of world energy. “I would be surprised if one can think of anoth er period when it has declined so much.” BP’s records stretch back to 1980.
Times 9th June 2016 read more »
FT 8th June 2016 read more »