U.S. President Donald Trump declared Thursday he was pulling the U.S. from the landmark Paris climate agreement, striking a major blow to worldwide efforts to combat global warming and distancing the country from its closest allies overseas.
The year 2016 was a year of adjustment for the oil market, with oil demand again increasing robustly and production growing by less than a quarter (0.4 Mb/d) of that seen in 2015, according to the BP Statistical Review of World Energy. China led the way with a 7.9 percent decline in coal production (140 mtoe), followed by the USA with a 19 percent drop (85 mtoe). The world's most populous country and top greenhouse gas emitter contributed more than 40 percent of global renewable energy growth in 2016, which helped it surpass the United States as the largest renewable power producer.
BP's economists said it's unclear whether the past three years signal a "decisive break from the past" that means we're on track to limit global warming - or if the flat emissions are largely driven by cyclical factors that could unwind over time, putting our climate at an even higher risk.
Trump's bet against this global structural trend is literally tilting at windmills.
Overall, world coal production fell by 6.2% a year ago - the largest annual decline on record - driven by China and the U.S., where it decreased by 7.9% and 19% respectively. However, natural gas production saw an incremental 0.1-percent decrease over the last decade, the document showed.
The slowdown in China is reflected in the world's carbon emissions, which saw little or no growth for a third consecutive year in BP's data. In the United Kingdom, the demand has fallen by 52.5%.
Global carbon emissions remained flat for the third consecutive year during 2016, as a sharp fall in coal use, rapid growth in renewables, and energy efficiency improvements all combined to hold down emissions levels.
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Apart from this, in 2016, Russian Federation exported 77 percent of the globes' produced oil, 33 percent of produced natural gas, and 55 percent of produced coal, according to the document.
The demand for coal slumped by 1.7 percent globally, but more striking is that the global production of coal fell by a massive 6.2 percent.
Bob Dudley, Chief Executive of the BP Group, said: "Global energy markets are in transition".
Still, there needs to be a "significant fall" in emissions in order to meet the Paris climate goals, Dale said.
The world consumed 1.6% more oil in 2016, with India's use rising 7.8%, or 325K bbl/day, and China's use adding 3.3%, according to the report.
Nearly all the growth in energy demand came from emerging economies, with China and India accounting for half of global growth. Renewables now provide just under 4% of the world's energy, up from 2.8% of global energy consumption in 2015, according to BP.