Growth in energy consumption slows
July 14, 2014 Category Macro-economy, Weekly
Energy demand growth in China fell below the 10-year average, BP said in its annual global energy report. China, the world’s largest energy consumer, accounted for 22.4% of global energy consumption and 49% of the net growth in the world in 2013. China’s energy use rose a mere 4.7%, falling below the average annual growth rate of 8.6% over the past decade. Last year, coal accounted for 67% of China’s overall energy pie. The demand for oil, the second-largest fuel in China, also hit its lowest point since 1991, accounting for 17.8% of the country’s energy consumption, BP said. Over the past decade, natural gas has doubled its share of total energy consumption to 5.1%, and the share of non-fossil fuels increased by more than 50% to 9.6%.
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