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From this month’s issue:
Global energy consumption grew at an amazingly small 0.946% in 2014—a confirmation of last year’s weak macro growth signals, and surely the cause of price declines in coal, iron ore, copper, natural gas, and of course, oil. (TerraJoule.us remains baffled how IEA.org could have continued to claim such large oil demand increases in Q3 and Q4 of 2014, given macro conditions). In the EU, some of the energy demand declines were severe—as nearly as large as declines in stagnant Japan, or civil-war ravaged Ukraine. From an energy standpoint, the EU remains in a long recession (and recent developments in Greece will not help.). Meanwhile, former Non-OECD fast grower Brazil also remains mired in a sluggish forward path, with total energy consumption growing only 7.11 Mtoe. That said, despite last year’s slow global growth (and slow carbon emissions output as well) which country once again led the world in energy demand? China. Net global energy demand growth was recorded at 121.5 Mtoe in 2014 according to the latest data from BP. But China accounted for the largest segment of that advance, with 73.98 Mtoe of energy consumption growth. Close behind was of course India, which is now successfully hitting higher GDP levels under Modi. (see: India Unleashed, June 2014 issue of TerraJoule.us). As China continues to lead the world in absolute levels of energy consumption growth, we should take a look at the composition of that growth. How is China faring in its efforts, for example, to reduce coal?