Spencer Dale, group chief economist
Relative to the average of the previous five years, growth in energy demand was 1.5 percentage points higher in 2018 and the growth in carbon emissions was 1.4 percentage points higher.
The increase in demand was fuelled mostly by fossil sources, accounting for almost three-quarters of the growth in energy demand in 2018 – its highest share for five years.
But much of this growth was in natural gas, gaining share relative to coal and oil, such that the improvement in the carbon intensity of the fuel mix last year was similar to its recent average.
We believe that carbon pricing provides the right incentives for everyone – energy producers and consumers alike – to play their part in reducing emissions