In 2023, global fossil fuel consumption and energy emissions soared to unprecedented levels, according to the Statistical Review of World Energy. Despite a slight decrease in fossil fuels’ share of the global energy mix, demand for these energy sources continued to rise, posing challenges for the transition to lower carbon energy as global temperatures approach the critical threshold of 1.5°C.
Fossil fuel usage surged in several regions, with India experiencing significant growth and China witnessing a 6% increase, reaching new heights. This rise came despite the expansion of renewable energy sources. “We hope this report will help governments and analysts recognize the challenges ahead,” said Romain Debarre from consultancy Kearney.
The report highlighted the impact of geopolitical shifts, such as the rerouting of Russian energy flows following the Ukraine invasion and the lifting of COVID-19 movement restrictions. Global primary energy consumption hit a record 620 Exajoules (EJ), while emissions surpassed 40 gigatonnes of CO2 for the first time.
Europe saw a decline in fossil fuel’s share of energy, dropping below 70% for the first time since the industrial revolution. In contrast, developing economies continue to drive fossil fuel growth due to economic development and quality of life improvements. “In advanced economies, fossil fuel demand appears to be peaking,” noted Energy Institute Chief Executive Nick Wayth.
Fossil fuels accounted for 81.5% of the global energy mix in 2023, down by 0.5% from 2022. Despite the record contribution from renewables, the share of energy from fossil fuels remained nearly unchanged. “The increase in global energy demand means the contribution of renewables hasn’t significantly reduced fossil fuel usage,” said Simon Virley from KPMG.
The report, published by the Energy Institute in collaboration with KPMG and Kearney, underscores the ongoing challenges in balancing energy demand with environmental sustainability. As fossil fuel consumption and emissions reach new peaks, the urgency for effective climate action and the transition to renewable energy sources becomes increasingly critical.
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