World energy report

BP cannot complain about media attention, unfortunately it is not the kind you want to have. The annual BP-energy report (BP Energy report) has passed relatively unnoticed. The data in the report deserve some comment and attention however:

The chart shows that energy consumption and economic growth are correlated. BUT: in previous years, energy consumption had a small elasticity. 1% growth of GDP was accompanied by a smaller percentage growth in energy consumption. in 2008 and 2009, energy consumption dropped much more than GDP growth. This means that the efforts to increase energy efficiency are paying off. Positive news, with a major drawback: the efforts done in the advanced economies are not met in the emerging economies:

Although the Chinese and Indian economies have steadily grown, their energy consumption has grown faster. Furthermore, their consumption grows in the more polluting energy sources like coal. (see chart above).