Renewables’ share of global energy consumption has reached a new high of nearly 15 percent, according to the Statistical Review of World Energy report. This comes despite global fossil fuel consumption and greenhouse gas emissions reaching record levels in the previous year, with fossil fuel consumption increasing by 1.5 percent and emissions by 2.1 percent compared to the previous year. The report also highlights the disparity in energy consumption between advanced and emerging economies, with the Global South accounting for 56 percent of total energy consumption, growing at twice the rate of the global average.
Nick Wayth, CEO of the Energy Institute, noted that while demand for fossil fuels is peaking in advanced economies, it continues to grow in emerging economies due to economic development and improvements in quality of life. The transition towards renewable energy is slow, with diverse energy stories playing out across various geographies. China remains the largest consumer of coal, accounting for 56 percent of global consumption, while India’s consumption has surpassed that of Europe and North America combined for the first time. In contrast, coal consumption in Europe and North America has dropped to its lowest levels since 1965, with a 17 percent decrease in coal consumption in the United States over the past decade.
The report also highlights the increase in natural gas consumption in China and India, which rose by 7 percent while Europe saw a 7 percent decrease in demand. China has been a driving force in the adoption of renewables, accounting for 63 percent of new global wind and solar capacity. The Energy Institute, in collaboration with consultancies KPMG and Kearney, has been publishing the annual report on global energy consumption since 2023, taking over from BP which had been the author since the 1950s. The report emphasizes the need for continued efforts to transition towards renewable energy sources to reduce reliance on fossil fuels and curb greenhouse gas emissions.
Despite the progress in renewable energy adoption, fossil fuels continue to dominate global energy consumption, with coal remaining a significant source of energy, particularly in countries like China and India. However, there are positive signs of a shift towards cleaner energy sources, with coal consumption decreasing in Europe and North America. The report underscores the importance of a global transition towards sustainable energy sources to mitigate the impact of climate change and reduce greenhouse gas emissions.
The report also highlights the disparities in energy consumption between different regions, with advanced economies seeing a plateau in fossil fuel demand while emerging economies continue to rely on coal and other fossil fuels for energy. This highlights the need for international cooperation and support to facilitate the transition towards renewable energy and reduce reliance on fossil fuels. The Energy Institute’s report serves as a valuable resource for policymakers, businesses, and other stakeholders to track global energy trends and inform strategies for a more sustainable energy future.
