Published on : Jun 18, 2014
An annual review by BP Plc. stated that coal led the world energy markets previous year with a supply of the biggest share of coal demand since the year 1970. This made it the fastest growing fossil fuel.
The consumption of the fossil fuel coal grew by 3 percent from the previous year, and the driving factor for this was the use of coal in developing countries was stated by Europe’s third-largest oil company. On the other hand renewable energy sources such as solar power and wind power reached a record as it accounted for 2.7 percent of the total energy demand.
These figures indicate that the consumers are now prioritizing affordable fuels in an effort to rein in greenhouse gas emissions which are responsible for global warming. Coal is considered to be the dirtiest fossil fuel and its consumption has expanded at utilities from Germany to China. According to Chief Financial Officer of Royal Dutch Shell Plc. Europe is experiencing increased carbon emissions because of over coal consumption. According to him it is happening because coal is cheap.
The share of coal in total global energy use climbed to 30.1 percent, which was just below the total percent share for crude oil. Crude oil share at 32.9 lost market share for a 14th consecutive year. Figures show that China is the world’s biggest coal consumer in the world, which was followed by U.S. and India.
In China, coal has accounted for a total of 67.5 percent of the energy demand, which is considered to be the lowest on the record due to new policies which are aimed to combat pollution.