Global carbon dioxide emissions from the energy sector hit a record high for the fourth year that ran last year as the use of fossil fuel increased, even when renewable energy reached a record high, the Energy Institute’s annual statistical review of World Energy showed Thursday.
Why it is important
The report’s figures highlight the challenge of trying to dismiss the world economy from fossil fuels at a time when the conflict in Ukraine has drawn tapped oil and gas streams from Russia, and fights in the Middle East are raising concerns about security of supply.
Last year, the hottest year was on a record, with global temperatures above 1.5 ° C (34.7 ° F) over the pre -industrial era for the first time.
By the numbers
The world experienced an annual 2% increase in the total energy supply in 2024 with all energy sources such as oil, gas, coal, nuclear, hydro and renewable energy registration increases, which last occurred in 2006, the report says.
This led to carbon emissions increasing by approx. 1% in 2024 and exceeded the record level the previous year at 40.8 gigatones of carbon dioxide equivalent.
Of all the global fossil fuels, natural gas experienced the biggest increase in the generation and grew 2.5%. Meanwhile, coal grew by 1.2% to remain the biggest generational source globally, while oil growth was below 1%.
Wind and solar energy expanded by 16% in 2024, nine times faster than the total energy needs, the report showed.
Context
The Industrialrop Energy Institute, which includes energy stories across levels, together with consulting firms KPMG and Kearney, took over from BP last year to author the report.
Analysts who track progress have said that the world is not on a course to achieve a global goal of tripling renewable energy capacity by 2030 despite the fact that record volumes are added.
Key quotes
“Last year was another turning point for global energy, driven by rising geopolitical tensions,” Romain Debarre of the consulting firm Kearney said one of the authors of the report, in a release.
“COP28 explained a bold vision for triple global renewable energy by 2030, but progress turns out to be uneven, and despite the rapid growth we have seen globally, we are still not at the required pace,” said Wafa Jafri, a partner at KPMG.
COP28 was the United Nations Climate Change Conference, which took place in Dubai in 2023, when the countries signed a covenant to transition away from fossil fuels in energy systems to achieve Netto-Nul emissions by 2050.
