Fuel Consumption Declines in Europe, China Surges, and Climate Risk Looms for Fossil Fuel Companies

Fuel consumption in Europe is expected to decline significantly due to weak economic growth and reduced demand in the manufacturing and transportation sectors. China, on the other hand, experiences a surge in demand for diesel-type fuel due to its booming property sector and investments in petrochemical capacity. BP and other fossil fuel companies may face credit downgrades due to climate risk. The International Energy Agency proposes a global strategy to limit global warming to 1.5C, including tripling global renewable capacity and reducing methane emissions.