Energy
Primary energy consumption around the world grew 2.2% on average in 2017, the fastest rate since 2013. China represented the largest growth market for energy for the 17th year in a row, with consumption rising 3.1% in 2017.
Natural gas consumption increased 3%, and was largely driven by China, the Middle East and Europe; in contrast, natural gas consumption in the US decreased 1.2%. The global rate of natural gas production also increased, jumping 4% to almost 2 times the 10-year average growth rate, led by Russia and Iran.
Carbon emissions from energy usage grew 1.6% in 2017, the first substantial growth in three years. In addition, annual oil prices rose for the first time since 2012, averaging $54.19 per barrel, an increase of 23.9%. Globally, oil consumption grew an average of 1.8% to approximately 1.7 million barrels per day (b/d), with China and the US contributing the most to growth at 500,000 b/d and 190,000 b/d, respectively.
In 2017, renewable power generation spiked 17%, the highest incremental increase on record, with wind power accounting for over half of all renewables growth. China largely drove this sector, with its renewable power generation rising by 25 million tons of oil equivalent (mtoe), the largest in China’s history, and one of the biggest contributions to global primary energy growth.
In contrast, hydroelectric power increased just 0.9%, far below the 10-year average of 2.9%. China’s growth was its slowest since 2011 and European output dropped 10.5%, or 16 mtoe. Global nuclear generation increased 1.1%, as growth in China and Japan, at 8 mtoe and 3 mtoe, respectively, was partially offset by decreases in South Korea and Taiwan, which dropped 3 mtoe and 2 mtoe, respectively.
