Business Daily from THE HINDU group of publications
Sunday, Aug 12, 2007
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Business Daily from THE HINDU group of publications Sunday, Aug 12, 2007 ePaper |
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Economy Industry & Economy - Coal ‘Global growth in coal use outpaces other fuels’
In the last five years, carbon emissions have increased with respect to per unit energy consumed. Though global oil prices are likely to remain stable in the short-term, they may rise in the medium-term.
Our Bureau Mumbai, Aug. 11 Between 2001 and 2006 the growth in global energy consumption outpaced global GDP growth, with coal consumption outpacing other fossil fuels. In 2006 the coal consumption grew by 4.5 per cent, natural gas by 2.5 per cent and oil grew by less than 1 per cent, said Mr Christof Ruhl, Group Deputy Chief Economist of BP. He was addressing the audience at the launch of BP Statistical Review of World Energy June 2007. Carbon Emission
Mr Ruhl said along with coal consumption the global carbon emissions have also accelerated. In the last five years, carbon emissions have increased with respect to per unit energy consumed. In 2006, out of the total coal consumption growth, China’s share was a whopping 72 per cent and rest of the world registered 28 per cent growth. India, which falls in the rest of the world category, is a leader in this group with 16 million tonnes (mt) oil equivalent consumption growth. On the second rung are Indonesia and the UK, each having 4 mt oil equivalent consumption growth, he said. Mr Ruhl said that though global oil prices are likely to remain stable in the short term, they may rise in the medium term. He, however, added that making a prediction would not be appropriate as the prices are depended on the OPEC’s decision to increase production.
Mr Ruhl added that the prices have come down mostly due to high oil inventories. “However, compared with the 1980s and 90s, more than three billion consumers have been added. Increase in population will not allow prices to go down to those levels,” he said.
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