Report: Global CO2 emissions in energy reached record levels last year

The Energy Institute's Annual Statistical Review of World Energy showed that global carbon dioxide emissions in the energy sector reached record levels for the fourth consecutive year last year, as fossil fuel consumption continued to rise even as renewable energy also hit record highs.

Why it's important

The figures in the report highlight the difficulty of weaning the world economy away from fossil fuels, especially at a moment when the conflict in Ukraine has disrupted oil and gas supplies coming from Russia. And fighting in the Middle East is raising concerns about the security of supply.

The hottest year ever recorded was last year, when global temperatures exceeded 1.5 C (34.7 F), above pre-industrial levels for the first.

By the Numbers

Report: The global energy supply will increase by 2% annually in 2024. All energy sources, including oil, gas and coal, as well as nuclear, hydro, renewable, and other energy, are expected to see increases.

Carbon emissions increased by 1% to 40.8 gigatonnes equivalent carbon dioxide in 2024, exceeding the previous record set last year.

Natural gas, which is the most abundant fossil fuel in the world, saw its production grow the fastest, by 2.5%. Coal grew 1.2%, remaining the world's largest source of energy generation, while oil grew less than 1%.

The report shows that wind and solar energy will grow by 16% between 2024 and 2024, which is nine times faster than the total energy demand.

CONTEXT

The Energy Institute, a group of energy professionals at all levels and KPMG & Kearney as consultants, has taken over the report from BP.

Analysts who track progress say that despite the record amount of renewable energy added, the world has not reached its global goal to triple renewable energy by 2030.

KEY QUOTES

In a press release, Romain Debarre, one of the report's authors, of the consultancy Kearney said that "Last Year was Another Turning Point for Global Energy, Driven by Rising Geopolitical Tensions."

Wafa Jafri is a partner with KPMG. She said, "COP28 set a bold goal to triple renewable energy globally by 2030. But progress has been uneven, and despite rapid growth seen worldwide, we still aren't at the required pace."

COP28 is the United Nations Climate Change Conference which took place in Dubai, 2023. At this conference, countries signed a pact committing to reducing fossil fuels and achieving net-zero emission systems by 2050.

(source: Reuters)