Wednesday, June 8, 2011

BP Says Renewables Add More Than Petroleum to Energy Growth

BP Plc (BP/) said that renewables added more than petroleum-based products to the world’s primary energy consumption growth in the five years through 2010.

Wind, solar, geothermal, biofuels used for power generation and transport have contributed about 1.8 percent of global primary energy supply last year, according to BP Statistical Review. At the same time, China became the largest wind-power generator, overtaking the U.S. and accounting for about 48 percent of all new capacity.

“Over the last 10 years, their share has almost trebled,” BP Plc’s Chief Economist Christof Ruehl said today in London. “Over the last five years, their contribution to primary energy growth was almost 10 percent. That is, higher than the contribution of petroleum-based products.”
London-based BP, which has invested about $5 billion in alternative energy projects since 2005, has been expanding its U.S. wind projects and secured a Brazilian biofuel production venture, Chief Executive Bob Dudley said today in London. More >>>

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