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LONDON — Oil and gas giant BP on Thursday published its benchmark Statistical Review of World Energy, describing 2020 “as a year like no other” due to the impact of the coronavirus pandemic on global energy.

Over the past seven decades, BP said it had borne witness to some of the most dramatic episodes in the history of the global energy system, including the Suez Canal crisis in 1956, the oil embargo of 1973, the Iranian Revolution in 1979 and the Fukushima disaster in 2011.

“All moments of great turmoil in global energy,” Spencer Dale, chief economist at BP, said in the report. “But all pale in comparison to the events of last year.”

To date, more than 185 million Covid-19 cases have been reported worldwide, with over 4 million deaths, according to data compiled by Johns Hopkins University. The actual tally of Covid-19 infections and fatalities is believed to be far higher — and continues to rise.

The pandemic also led to massive economic loss, with global GDP estimated to have slipped by around 3.3% last year. That represents the largest peacetime recession since the Great Depression.

For global energy, the Covid pandemic has had a dramatic impact. Here are some of the highlights from the report:

Energy developments

BP said the coronavirus crisis last year resulted in primary energy and carbon emissions falling at their fastest rates since World War II. The relentless expansion of renewable energy, however, was found to be “relatively unscathed,” with solar power recording its fastest ever increase.

To be sure, the oil and gas company said world energy demand was estimated to have contracted by 4.5% and global carbon emissions from energy use by 6.3%.

“These falls are huge by historical standards — the largest falls in both energy demand and carbon emissions since World War II. Indeed, the fall of over 2 Gt of CO2 means that carbon emissions last year were back to levels last seen in 2011,” Dale said.

“It’s also striking that the carbon intensity of the energy mix — the average carbon emitted per unit of energy used — fell by 1.8%, also one of the largest ever falls in post-war history,” he added.

Bim | E+ | Getty Images

For some, the decline of global carbon emissions briefly raised hopes of so-called “peak carbon,” although desires of limiting global warming — and meeting a crucial target of the landmark Paris accord — are rapidly deteriorating.

It comes even as politicians and business leaders publicly acknowledge the necessity of transitioning to a low-carbon society, with policymakers under intensifying pressure to deliver on promises made as part of the Paris Agreement ahead of this year’s COP26.

“There are worrying signs that last year’s COVID-induced dip in carbon emissions will be short lived as the world economy recovers and lockdowns are lifted,” Bernard Looney, CEO of BP, said in the report.

“The challenge is to achieve sustained, comparable year-on-year reductions in emissions without massive disruption to our livelihoods and our everyday lives,” he added.

Oil

The Covid crisis triggered a historic oil demand shock in 2020, with Big Oil enduring a brutal 12 months by virtually every measure. The pandemic coincided with falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts.

The torrent of bad news prompted the head of the International Energy Agency to suggest 2020 may come to represent the worst year in the history of oil markets.

BP said oil consumption fell by a record 9.1 million barrels per day, or 9.3%, last year, slipping to its lowest level since 2011.

A general view of Gunvor Petroleum or Rozenburg refinery in Rotterdam, Netherlands. Europe’s largest port covers 105 square kilometers (41 square miles) and stretches over a distance of 40 kilometers (25 miles).
Dean Mouhtaropoulos | Getty Images News | Getty Images

Oil demand fell most in the U.S., contracting by 2.3 million barrels, followed by the EU and India, contracting 1.5 million barrels and 480,000 barrels, respectively.

BP said global oil production shrank by 6.6 million barrels, with oil producer group OPEC accounting for two-thirds of that decline.

The price of international benchmark Brent crude averaged $41.84 in 2020, the energy giant said, its lowest level since 2004. The oil contract was last seen trading at $73.70.

Renewables

“Arguably, the single most important element of the energy system needed to address both aspects of the Paris Agreement — respond to the threat of climate change and support sustainable growth — is the need for rapid growth in renewable energy,” BP’s Dale said in the report.

Renewable energy, including biofuels and excluding hydro, rose by 9.7% in 2020, BP said. This was slower than the 10-year average of 13.4% year-on-year but the increment in energy terms was found to be similar to increases recorded in the years prior to the pandemic.

Solar electricity rose by record levels, however it was wind that was found to provide the largest contribution to renewables growth.

In terms of capacity, solar expanded by 127 gigawatts in 2020, while wind grew by 111 gigawatts — almost double its previous highest annual increase, BP said. “The main driver was China, which accounted for roughly half of the global increase in wind and solar capacity,” Dale said.

Reflecting on BP’s latest annual Statistical Review of World Energy, Dale said: “The importance of the past 70 years pales into insignificance as we consider the challenges facing the energy system over the next 10, 20, 30 years as the world strives to get to net zero.”

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Help with fractions, EV sales up, a $50K Lucid, and solar is bigger in Texas

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Help with fractions, EV sales up, a K Lucid, and solar is bigger in Texas

On today’s spectacular episode of Quick Charge, we bust the myth of slowing EV sales by teaching journalists how to do math. We also check out the new, $50,000 mainstream Lucid and break the news to California that they’re not #1 anymore.

We also mark Greenlane’s groundbreaking (literally!) flagship EV charging station for big trucks, and talk up Rivian’s Top Safety Pick+ status, making it unique among little trucks. All this and more – enjoy!

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content there as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

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Clean energy sector looks to create even more jobs after the election — regardless of who wins

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Clean energy sector looks to create even more jobs after the election — regardless of who wins

As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.

One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.

Climate change and a move toward more sustainable energy have bolstered job growth in the sector in recent years, thanks in part to funding from the Inflation Reduction Act and the Chips and Science ActRecent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.

The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.

Since the implementation of the IRA and the CHIPS and Science Act, there’s been more “long-term certainty” for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said. The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.

While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.

“Energy systems have been in transition for decades — it’s always in transition, it’s always in a state of flux,” Daniel Bresette, president of EESI, said of the upcoming election’s impact.

Help Wanted: Clean energy jobs in demand

Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election’s outcome. It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more. Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.

“Everyone needs energy no matter what, regardless of who is in the White House. So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,” said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco. 

The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities. Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.

Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push. Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.

She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui. Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.

“I wanted to make an impact and build something really big,” she said. “The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center … It’s great to be able to design something for a specific site and make a difference in that way. Being able to see and know that the power from these lines is going somewhere and it’s eventually going to improve life at large.”

As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector. But their experiences in the White House can help to inform possible paths.

Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden. She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left. Harris also said during an interview with CNN that she would not ban fracking, a position she’d taken in her previous bid for the White House.

Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA’s unspent dollars if elected. He called the Green New Deal the “Green New Scam” at an event at the Economic Club of New York last week.

One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November’s outcome.

“There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence. All of that adds up to a lot of electricity demand,” said Bresette. “It is almost difficult to imagine how much more energy we’re going to need in the future.”

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Coinbase-backed lobby urges ABC to ask about crypto in Trump-Harris debate

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Coinbase-backed lobby urges ABC to ask about crypto in Trump-Harris debate

Stand With Crypto’s bus tour through five battleground states kicked off last week in Phoenix and Las Vegas.

Logan Dobson/Stand With Crypto Alliance

A big purple bus adorned with “AMERICA ❤️ CRYPTO” started making its way across five swing states last week, on a mission to get out the vote ahead of the presidential election.

The campaign, initially launched by Coinbase, has a shorter-term objective: Getting a crypto question asked at Tuesday night’s presidential debate.

The Stand With Crypto Alliance, created last year, initiated a letter writing petition five days ago to pressure ABC News to raise a crypto question in the first — and perhaps only — presidential debate between Donald Trump and Vice President Kamala Harris.

The group, which is hosting 2,500 debate watch parties across the country, has gotten over 2,000 people to sign a pre-drafted letter on its website.

“I am one of the 52 million Americans who own cryptocurrency,” the letter says. “On behalf of myself and all American crypto owners, I urge you to ask the candidates their position on cryptocurrency and its place in the American economy.”

In recent months, Trump has branded himself as the pro-crypto candidate. Harris hasn’t yet made her official stance known on digital assets, but the Biden administration’s aggressive crackdown on the industry has created an opening for the former president.

Trump has pledged to fire SEC Chair Gary Gensler, who’s taken on companies including Coinbase. In addition to the presidential race, the group is backing crypto-friendly politicians in Congress as it pursues more favorable laws. In May, the House passed the Financial Innovation and Technology for the 21st Century Act, with the help of more than 70 Democrats.

Stand With Crypto’s bus tour through five battleground states is all about getting people registered to vote.

Logan Dobson/Stand With Crypto Alliance

“Bipartisan crypto legislation has already passed the House of Representatives, and more and more elected officials are coming out in support of crypto,” the letter says.

ABC didn’t immediately respond to a request for comment.

On its website, the alliance gives Trump and his running mate, Ohio Sen. JD Vance, “A” grades for their support of crypto. For Harris and running mate Tim Walz, governor of Minnesota, the group gives a grade of “N/A” and says, “pending stance on crypto.”

Many crypto fanatics see the November election as a defining moment for the sector, and they’re showing up with their wallets. Nearly half of all donations made by corporations this cycle have been from crypto companies, according to a Public Citizen report.

Stand With Crypto’s tour through battleground states is more about turning out the vote than raising cash. And the group has been trying for months to get presidential candidates to talk about the issue.

The alliance previously lobbied CNN with 2,300 emails asking for a crypto-pegged question ahead of the June debate between Trump and President Joe Biden, who at the time was the presumptive Democratic nominee. The network didn’t broach the topic.

Between online and in-person efforts, Stand with Crypto has signed up 104,000 people through its voter registration tool. Along the way, the group has put on concerts and delivered speeches to throngs of fans.

Stand With Crypto’s bus tour through five battleground states kicked off last week in Phoenix, Arizona where Sen. Kyrsten Sinema spoke about electing lawmakers who understand cryptocurrencies.

Logan Dobson/Stand With Crypto Alliance

The bus tour kicked off in Phoenix last Wednesday, with Sen. Kyrsten Sinema, a former Democrat who’s now an independent, stoking the crowd with an impassioned speech about electing lawmakers who understand cryptocurrencies.

“Sensible, reasonable regulation that allows the industry to continue to innovate and grow – that’s what we got to stay focused on,” Sinema said.

The bus then headed to Las Vegas, where crypto advocates heard from the state treasurer and chief of staff for the lieutenant governor. According to data shared by the alliance, 385,000 Nevadans are crypto owners, and more than 16,000 people in the state have signed up to be Stand with Crypto advocates.

Arizona and Nevada are two of the seven states considered critical and up for grabs with less than two months until election day and the contest in a virtual tie. This week, the crypto bus will make stops in Michigan, Wisconsin and Pennsylvania, which are also among the key swing states.

The final event takes place in Washington, D.C., on Sept. 18. Several top Coinbase execs, including Chief Legal Officer Paul Grewal, will speak, and music duo The Chainsmokers will be performing at a nightclub.

Stand With Crypto’s bus tour through five battleground states stopped in Las Vegas last week, where crypto advocates heard from the state treasurer and chief of staff for the lieutenant governor.

Logan Dobson/Stand With Crypto Alliance

The movement hasn’t entirely committed to Trump.

Coinbase policy head Faryar Shirzad, who will also be speaking in D.C., said on X that he’s been “pleased to take part in a number of discussions with the Harris team.” He described the approach as “constructive” and said “the dialogue had been an important first step.”

Though Harris hasn’t formally come out with her campaign position on crypto, members of her team have been meeting with crypto industry leaders for months.

“I think we’re going to hear from Vice President Harris soon on this,” Democratic Rep. Wiley Nickel of North Carolina told CNBC in an interview in July on the sidelines of the biggest bitcoin event of the year in Nashville. “And I’m very optimistic we’re gonna get a reset. And that, I think, will matter in a major way.”

Rep. Ro Khanna, D-Calif., also told CNBC at the time that he had been in dialogue with the Harris team on the issue.

Democrats have since gotten more vocal. At a virtual town hall in August, Senate Majority Leader Chuck Schumer said a crypto bill could pass his chamber this year.

Read more about tech and crypto from CNBC Pro

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