energy

The Energy Institute (EI), KPMG and Kearney have released the 73rd annual edition of the Statistical Review of World Energy. 

The report found that last year was a record year for production and consumption across the board. Oil consumption, in particular, rebounded strongly, driven largely by China easing its zero-COVID lockdown policies. 

Global primary energy consumption overall was at a record high, up 2 per cent on the previous year to 620 Exajoules (EJ).

Global fossil fuel consumption specifically reached a record high, up 1.5 per cent to 505 EJ (driven by coal up 1.6 per cent, with oil up 2 per cent to above 100 million barrels for the first time and gas flat. 

The report found that as a share of the overall mix, they were at 81.5 per cent, marginally down from 82 per cent last year.

Emissions from energy increased by 2 per cent, exceeding 40 gigatonnes of CO2 for the first time.

However, solar and wind pushed global renewable electricity generation to another record level. Excluding hydro, generation was up 13 per cent to a record high of 4,748 TWh. Wind and solar accounted for 74 per cent of all net additional electricity generated.

As a share of primary energy use, renewables (excluding hydro) were at 8 per cent or 15 per cent, including hydro.

The report also noted that dependence on fossil fuels in major advanced economies is likely to have peaked, and in Europe, fossil fuels fell to below 70 per cent of primary energy for the first time since the Industrial Revolution, driven by both demand reduction and renewable energy growth.

In the US, consumption of fossil fuels fell to 80 per cent of total primary energy consumed.

Growth economies were found to be struggling to curb fossil fuel growth, but renewables accelerated in China. 

In India fossil fuel consumption was up 8 per cent, at 89 per cent share of overall consumption. 

For the first time, more coal was used in India than in Europe and North America combined.

In Africa, primary energy consumption fell in 2023 by 0.5 per cent. Fossil fuels accounted for 90 per cent of overall energy consumption, with renewables (excluding hydro) at only 6 per cent of electricity.

For the full report, head here.