Carbon dioxide emissions from the global energy sector reached a record high for the fourth consecutive year in 2024, driven by continued reliance on fossil fuels, even as renewable energy deployment hit new milestones. These findings come from the latest annual statistical review of world energy by the Energy Institute.
Why It Matters:
The data underscores the difficulty of phasing out fossil fuels amid geopolitical disruptions, including the Ukraine conflict—which has reshaped oil and gas trade routes—and tensions in the Middle East, which continue to cast uncertainty over global energy security.
The urgency of climate action is amplified by 2024 being officially the hottest year ever recorded, with average global temperatures exceeding the 1.5°C threshold above pre-industrial levels for the first time.
By the Numbers:
- Total global energy supply rose by 2% in 2024.
- Every major energy source—oil, gas, coal, nuclear, hydro, and renewables—experienced growth for the first time since 2006.
- Carbon emissions increased by about 1%, surpassing the previous record and reaching 40.8 gigatonnes of CO₂ equivalent.
- Natural gas saw the largest rise among fossil fuels, growing by 2.5%.
- Coal expanded by 1.2% and remained the dominant energy source.
- Oil usage grew less than 1%.
- Wind and solar energy grew by 16%, outpacing total energy demand by a factor of nine.
Context:
The Energy Institute, along with consultancies KPMG and Kearney, assumed authorship of the annual report from BP in 2023. Despite the sharp rise in renewable energy capacity, experts caution that the world remains off track to achieve the goal of tripling global renewable energy by 2030.
Key Insights:
“Geopolitical tensions were a major force shaping global energy trends last year,” said Romain Debarre of Kearney, a co-author of the report.
Wafa Jafri, partner at KPMG, added: “COP28 delivered an ambitious roadmap to triple renewable energy capacity by 2030, but while growth is rapid, it remains uneven and insufficient to meet targets.”
COP28, held in Dubai in 2023, saw international commitments to phase out fossil fuels in energy systems as part of a broader effort to achieve net-zero emissions by mid-century.
