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Forbes
40 minutes ago
- Business
- Forbes
Every Major Global Energy Source Hit Record Highs In 2024
NOCHTEN, GERMANY - APRIL 30: In this aerial view the Boxberg coal-fired power plant stands behind ... More the newly inaugurated PV-Park Boxberg solar energy park on April 30, 2024 in Nochten, Germany. LEAG, the energy company that owns both, is building what it claims will be Germany's biggest concentration of green energy production, with solar energy parks and wind farms that will have a capacity of seven gigawatts by 2030 under the so-called GigawattFactory project. The Boxberg solar park stands on recultivated land of a former open-pit coal mine. The region of southern Brandenburg and northern Saxony has long been heavily dependent on coal. Germany is seeking to shutter its coal-fired energy production by 2038. (Photo by) This week The Energy Institute (EI) released the 2025 Statistical Review of World Energy, which was published previously for more than 70 years by BP. The full report and all data can be found at this link. The Statistical Review is instrumental in providing comprehensive data on global oil, gas, and coal production and consumption, as well as on carbon dioxide emissions and renewable energy statistics. Over the next month, I will delve into the various categories from the report. But today, I want to highlight a foundational change in how global energy supply is measured—along with a few key findings that set the stage for what's to come. Total Energy Supply The 2025 edition marks a major shift in how global energy supply is calculated. For decades, the industry relied on 'Primary Energy Consumption' as a benchmark. That's now changing. The Statistical Review—citing the methodologies used by the International Energy Agency (IEA), U.S. Energy Information Administration (EIA), BP, and Eurostat—has adopted a metric called Total Energy Supply (TES). So, what is TES, and why does it matter? In a nutshell, Total Energy Supply reflects the actual amount of energy available to meet a country's demand. It accounts for production and imports, subtracts exports and storage, and adjusts for losses during conversion and transmission. It captures the energy that reaches end users in a usable form—whether that's electricity, gasoline, or thermal energy. The older method used for primary energy calculations tended to treat all energy sources as if they had the same conversion losses. For example, fossil fuels like coal or natural gas are burned to generate electricity, but a significant portion of that energy is lost as heat in the process. Non-combustible renewables like wind, solar, and hydro don't incur those same losses. Yet under the old method, those renewables were still penalized with assumed inefficiencies, making their contribution appear smaller than it actually was. By contrast, TES offers a more apples-to-apples comparison. It gives a truer sense of how much useful energy is actually delivered to society. This is particularly important as countries transition away from combustion-based energy and toward more direct-use sources like electricity from wind and solar. An Illustrative Example Some may view this change as an attempt to exaggerate the progress of renewables. Others may not understand what this definition change really entails. Thus, a simplified example may help. Suppose a country burns 1 million barrels of oil to generate electricity in a year. Due to conversion losses, only about 40% of that energy makes it to the grid. Under the old system, all 1 million barrels were counted as primary energy, even though the usable output was far less. Now imagine that same country uses wind power to generate the equivalent 400,000 barrels' worth of electricity. Under the old approach, analysts would reverse-engineer how much oil that displaced and also credit wind with 1 million barrels of primary energy—treating it like oil to keep the comparison consistent. Under TES, both sources are measured based on actual usable output. In this example, oil and wind each contribute 400,000 barrels' worth of delivered energy. It's a more consistent, technology-neutral reflection of what is really powering the system. Some skeptics may view this change as an attempt to inflate the contribution of renewables, but in reality, it removes distortions that previously exaggerated fossil fuel inputs. The authors of the Statistical Review concluded that TES offers a better lens for measuring the true structure and direction of the global energy system. Highlights of the 2025 Statistical Review Global energy demand rose by 2% in 2024, reaching a new all-time high. In fact, every major energy source—coal, oil, gas, renewables, hydro, and nuclear—hit record levels of consumption. Electricity demand outpaced overall energy growth at 4%, reinforcing the growing shift toward electrification. Meanwhile, wind and solar power expanded by 16%, driven primarily by China, which accounted for 57% of all new additions. Global solar capacity has nearly doubled in just two years. But the broader picture is more complicated. Fossil fuel use also increased—albeit modestly—demonstrating that while clean energy is growing fast, it's being layered on top of rising demand, not yet replacing conventional sources at scale. Global carbon dioxide emissions rose another 1% in 2024, marking the fourth consecutive annual record. It's a sobering reminder that despite extraordinary progress in renewable deployment, the world is still struggling to decouple economic growth from emissions. Looking Ahead This edition of the Statistical Review highlights a central tension of the energy transition: we're building more clean energy than ever before, but we're not yet letting go of the old. Over the coming weeks, I'll take a closer look at trends in oil, gas, coal, renewables, and emissions—providing deeper insight into what's driving growth, what's slowing it down, and where the world's energy trajectory may be headed next.
Observer
43 minutes ago
- Business
- Observer
Global energy CO2 emissions reached record high last year, report says
LONDON: Global carbon dioxide emissions from the energy sector hit a record high for the fourth year running last year as fossil fuel use kept rising even as renewable energy reached a record high, the Energy Institute's annual statistical review of world energy showed on Thursday. Last year was the hottest year on record, with global temperatures exceeding 1.5 C (34.7 F) above the pre-industrial era for the first time. BY THE NUMBERS The world saw a 2-per cent annual rise in total energy supply in 2024, with all sources of energy such as oil, gas, coal, nuclear, hydro and renewable energy registering increases, which last occurred in 2006, the report said. This led to carbon emissions increasing by around 1 per cent in 2024 and exceeding the record level set the previous year at 40.8 gigatonnes of carbon dioxide equivalent. Of all the global fossil fuels, natural gas saw the biggest increase in generation, growing 2.5 per cent. Meanwhile, coal grew by 1.2 per cent to remain the largest source of generation globally, while oil growth was under 1 per cent. Wind and solar energy expanded by 16 per cent in 2024, nine times faster than total energy demand, the report showed. CONTEXT Industry body the Energy Institute, which comprises energy professionals across levels, together with consultancies KPMG and Kearney, took over from BP last year to author the report. Analysts tracking progress have said the world is not on course to meet a global goal of tripling renewable energy capacity by 2030 despite record amounts being added. KEY QUOTES "Last year was another turning point for global energy, driven by rising geopolitical tensions," Romain Debarre of consultancy Kearney, one of the authors of the report, said in a release. "COP28 set out a bold vision to triple global renewables by 2030, but progress is proving uneven and despite the rapid growth we have seen globally we are still not at the pace required," said Wafa Jafri, a partner at KPMG. COP28 was the United Nations Climate Change Conference that took place in Dubai in 2023, at which countries signed a pact to transition away from fossil fuels in energy systems to achieve net-zero emissions by 2050. — Reuters
The Hindu
8 hours ago
- Business
- The Hindu
Global energy CO2 emissions reached record high last year, report says
Global carbon dioxide emissions from the energy sector hit a record high for the fourth year running last year as fossil fuel use kept rising even as renewable energy reached a record high, the Energy Institute's annual statistical review of world energy showed on Thursday (June 26, 2025). Why it's important The report's figures highlight the challenge of trying to wean the world economy off fossil fuels at a time when conflict in Ukraine has redrawn oil and gas flows from Russia and fighting in the West Asia raises concern about security of supplies. Last year was the hottest year on record, with global temperatures exceeding 1.5 C (34.7 F) above the pre-industrial era for the first time. "Last year was another turning point for global energy, driven by rising geopolitical tensions," Romain Debarre of consultancy Kearney, one of the authors of the report, said in a release. By the numbers The world saw a 2% annual rise in total energy supply in 2024, with all sources of energy such as oil, gas, coal, nuclear, hydro and renewable energy registering increases, which last occurred in 2006, the report said. This led to carbon emissions increasing by around 1% in 2024 and exceeding the record level set the previous year at 40.8 gigatonnes of carbon dioxide equivalent. Of all the global fossil fuels, natural gas saw the biggest increase in generation, growing 2.5%. Meanwhile, coal grew by 1.2% to remain the largest source of generation globally, while oil growth was under 1%. Wind and solar energy expanded by 16% in 2024, nine times faster than total energy demand, the report showed. "COP28 set out a bold vision to triple global renewables by 2030, but progress is proving uneven and despite the rapid growth we have seen globally we are still not at the pace required," said Wafa Jafri, a partner at KPMG. COP28 was the United Nations Climate Change Conference that took place in Dubai in 2023, at which countries signed a pact to transition away from fossil fuels in energy systems to achieve net-zero emissions by 2050. Context Industry body the Energy Institute, which comprises energy professionals across levels, together with consultancies KPMG and Kearney, took over from BP last year to author the report. Analysts tracking progress have said the world is not on course to meet a global goal of tripling renewable energy capacity by 2030 despite record amounts being added.
Time of India
10 hours ago
- Business
- Time of India
Global energy CO2 emissions reached record high last year, report says
London: Global carbon dioxide emissions from the energy sector hit a record high for the fourth year running last year as fossil fuel use kept rising even as renewable energy reached a record high, the Energy Institute's annual statistical review of world energy showed on Thursday. Why It's Important The report's figures highlight the challenge of trying to wean the world economy off fossil fuels at a time when conflict in Ukraine has redrawn oil and gas flows from Russia and fighting in the Middle East raises concern about security of supplies. Last year was the hottest year on record, with global temperatures exceeding 1.5 C (34.7 F) above the pre-industrial era for the first time. By The Numbers The world saw a 2 per cent annual rise in total energy supply in 2024, with all sources of energy such as oil, gas, coal, nuclear, hydro and renewable energy registering increases, which last occurred in 2006, the report said. This led to carbon emissions increasing by around 1 per cent in 2024 and exceeding the record level set the previous year at 40.8 gigatonnes of carbon dioxide equivalent. Of all the global fossil fuels, natural gas saw the biggest increase in generation, growing 2.5 per cent . Meanwhile, coal grew by 1.2 per cent to remain the largest source of generation globally, while oil growth was under 1 per cent . Wind and solar energy expanded by 16 per cent in 2024, nine times faster than total energy demand, the report showed. Context Industry body the Energy Institute, which comprises energy professionals across levels, together with consultancies KPMG and Kearney, took over from BP last year to author the report. Analysts tracking progress have said the world is not on course to meet a global goal of tripling renewable energy capacity by 2030 despite record amounts being added. Key Quotes "Last year was another turning point for global energy, driven by rising geopolitical tensions," Romain Debarre of consultancy Kearney, one of the authors of the report, said in a release. "COP28 set out a bold vision to triple global renewables by 2030, but progress is proving uneven and despite the rapid growth we have seen globally we are still not at the pace required," said Wafa Jafri, a partner at KPMG. COP28 was the United Nations Climate Change Conference that took place in Dubai in 2023, at which countries signed a pact to transition away from fossil fuels in energy systems to achieve net-zero emissions by 2050.
Perth Now
15 hours ago
- Business
- Perth Now
Global energy CO2 emissions reached record high in 2024
Global carbon dioxide emissions from the energy sector hit a record high for the fourth year running last year as fossil fuel use kept rising even as renewable energy reached a record high. The figures, from the Energy Institute's annual review of world energy, highlight the challenge of trying to wean the world economy off fossil fuels at a time when conflict in Ukraine has redrawn oil and gas flows from Russia and fighting in the Middle East raises concern about security of supplies. Last year was the hottest year on record, with global temperatures exceeding 1.5 C above the pre-industrial era for the first time. The world saw a 2 per cent annual rise in total energy supply in 2024, with all sources of energy such as oil, gas, coal, nuclear, hydro and renewable energy registering increases. That last occurred in 2006, the report said. This led to carbon emissions increasing by around 1 per cent in 2024 and exceeding the record level set the previous year at 40.8 gigatonnes of carbon dioxide equivalent. Of all the global fossil fuels, natural gas saw the biggest increase in generation, growing 2.5 per cent. Meanwhile, coal grew by 1.2 per cent to remain the largest source of generation globally, while oil growth was under 1 per cent. Wind and solar energy expanded by 16 per cent in 2024, nine times faster than total energy demand, the report showed. Industry body the Energy Institute, together with consultancies KPMG and Kearney, took over from BP last year to author the report. Analysts tracking progress have said the world is not on course to meet a global goal of tripling renewable energy capacity by 2030 despite record amounts being added. "Last year was another turning point for global energy, driven by rising geopolitical tensions," Romain Debarre of consultancy Kearney, one of the authors of the report, said in a release. "COP28 set out a bold vision to triple global renewables by 2030, but progress is proving uneven and despite the rapid growth we have seen globally we are still not at the pace required," said Wafa Jafri, a partner at KPMG. COP28 was the United Nations Climate Change Conference that took place in Dubai in 2023, at which countries signed a pact to transition away from fossil fuels in energy systems to achieve net-zero emissions by 2050.
