British firm said last year’s global emphasis on issues including climate change and a resurgence in US oil changed the sector’s balance of power
The global energy industry reached a watershed in 2014 as global emphasis on climate change, a slowing Chinese economy and a resurgence in US oil affected fossil fuel producers, according to BP.
The British oil and gas group said global warming was one of three long-term trends that emerged in 2014, as politicians and campaigners prepare for the UN climate change conference in Paris later this year. However, BP said a slowdown in carbon dioxide emissions growth last year may not continue if demand from energy-intensive industries recovers.
Related: Global emissions stall in 2014 following slowdown in China’s economy