FT author
Amanda Chu
US Energy Reporter
PREMIUM
June 20 2024
Good morning and welcome back to Energy Source, coming to you from New York, where the city swelters in its first heatwave of the season.
Nearly 80 million people were under alerts in the US north-east and midwest yesterday as temperatures in some municipalities reached record highs in a test to the country’s rickety power grid.
In other news, the Financial Times has a new Big Read this morning on Russia’s grip on nuclear power. Despite sanctions on its economy, the Kremlin continues to be an unrivalled exporter of nuclear power plants, building more than half of all reactors under construction globally. Read how Moscow is using these projects to wield global influence.
Today’s Energy Source dives into the latest Statistical Review of World Energy, the industry’s annual stocktake of global energy consumption. The report was published for more than 70 years by BP before it was passed over to the Energy Institute last year. The oil major remains a contributor.
Data Drill looks at a new analysis from the World Bank showing gas flaring is at a four-year high.
Thanks for reading,
Amanda
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New report offers sobering view of the energy transition
Every year the Statistical Review of World Energy offers a behemoth of data on the state of the global energy market. This year’s findings highlight the world’s insatiable demand for energy and the need to speed up the pace of decarbonisation.
Here are our four main takeaways from this year’s report:
Fossil fuel consumption — and emissions — are at record highs
Countries burnt record amounts of oil and coal last year, sending global fossil fuel consumption and emissions to all-time highs, the Energy Institute reported. Oil demand grew 2.6 per cent, surpassing 100mn barrels per day for the first time.
Meanwhile, the share of fossil fuels in the energy mix declined slightly by half a percentage point, but still made up more than 81 per cent of consumption.
The document summarizes key highlights from the 2022 Statistical Review of World Energy. It notes that primary energy use increased 1% in 2022 to reach 2.8% above 2019 levels, driven mostly by non-OECD countries. Carbon emissions reached a new record high in 2022 of 39.3 billion tonnes, with energy-related emissions increasing 0.9%. Global prices of oil, natural gas, coal, and key minerals like lithium and cobalt increased sharply in 2022.
The BP Statistical Review of World Energy documented that in 2018:
1) Primary energy consumption grew at its fastest rate since 2010, led by growth in natural gas and renewables.
2) Carbon dioxide emissions from energy use increased at the fastest rate in seven years.
3) While renewable energy continued rapid growth, its increase only accounted for a third of the required rise in global power generation. Coal provided a similar contribution and increased coal use in the power sector accounted for all of the growth in global coal consumption.
The document summarizes bp's Energy Outlook 2022, which explores three scenarios (Accelerated, Net Zero, New Momentum) for the global energy transition to 2050. Accelerated and Net Zero result in substantial reductions in carbon emissions of around 75% and 95% respectively by 2050, aligned with limiting warming to below 2C and 1.5C. New Momentum sees more gradual changes aligned with current policy ambitions, with emissions 20% below 2019 levels by 2050. Across the scenarios, final energy demand peaks as efficiency gains accelerate, while renewable energy like wind and solar expand rapidly alongside technologies like hydrogen, bioenergy and CCUS.
McKinsey Global Energy Perspectives 2022- published in uncertain times:
in their own words:
These shifts and their interplay raise several key questions about the potential path
ahead for the global energy landscape. Will price spikes delay the energy transition,
or will high fossil fuel prices accelerate adoption of low-carbon alternatives? Will
governments and businesses further increase their efforts to decarbonize, or will
challenges in implementation lower ambition levels? How might the invasion of Ukraine
influence the direction and speed of the transition? And, will there be an orderly
transition to a low-carbon economy, or will rapid shifts come with instability and unrest?
EFOW remarks: All our consultancies are struggling to come to grasps with the new Geo-political and energy realities we have been landed in 2022, and seek to solve the puzzle. Despite all uncertainties- reports and analysis are published, and , if we are honest, we better see us going back to the drawing boards, look a little clearer at our present energy transition approach, open some relevant conversations and fact-findings- cross-borders- and to determine what is urgent and important, and how to re-organize our present market constellation- and our tone of voice in leadership- for reparations, peace-, capacity & capability- and future making.
I invite you to digest some of our practice learnings and insights- and to see where we believe our leadership in government, and business administration can now make a difference. Our earlier publication on 99 Theses to Build Back Better- may provide you with some relevant stepping stones, for these conversations.
Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
Since 2010, the world has added more solar photovoltaic (PV) capacity than in the previous four decades. New systems were installed in 2013 at a rate of 100 megawatts (MW) of capacity per day. Total global capacity overtook 150 gigawatts (GW) in early 2014. The geographical pattern of deployment is rapidly changing. While a few European countries, led by Germany and Italy, initiated large-scale PV development, PV systems are now expanding in other parts of the world, often under sunnier skies. Since 2013, the People’s Republic of China has led the global PV market, followed by Japan and the United States. PV system prices have been divided by three in six years in most markets, while module prices have been divided by five. The cost of electricity from new built systems varies from USD 90 to USD 300/MWh depending on the solar resource; the type, size and cost of systems; maturity of markets and costs of capital. This roadmap envisions PV’s share of global electricity reaching 16% by 2050, a significant increase from the 11% goal in the 2010 roadmap. PV generation would contribute 17% to all clean electricity, and 20% of all renewable electricity. China is expected to continue leading the global market, accounting for about 37% of global capacity by 2050. Achieving this roadmap’s vision of 4 600 GW of installed PV capacity by 2050 would avoid the emission of up to 4 gigatonnes (Gt) of carbon dioxide (CO2) annually. This roadmap assumes that the costs of electricity from PV in different parts of the world will converge as markets develop, with an average cost reduction of 25% by 2020, 45% by 2030, and 65% by 2050, leading to a range of USD 40 to 160/MWh, assuming a cost of capital of 8%. To achieve the vision in this roadmap, the total PV capacity installed each year needs to rise rapidly, from 36 GW in 2013 to 124 GW per year on average, with a peak of 200 GW per year between 2025 and 2040. Including the cost of repowering – the replacement of older installations – annual investment needs to reach an average of about USD 225 billion, more than twice that of 2013.
The document summarizes the key points of the World Energy Outlook 2016 executive summary published by the International Energy Agency. It discusses that the Paris Agreement on climate change makes transforming the energy sector essential. While global CO2 emissions from energy stalled in 2015, continued growth is projected until 2040 under current policies. The summary outlines investment needs and shifts towards renewables and efficiency to 2040 under main and accelerated decarbonization scenarios. It highlights progress towards national climate pledges but notes more action is required to limit global warming per the Paris Agreement goals.
The document summarizes key highlights from the 2022 Statistical Review of World Energy. It notes that primary energy use increased 1% in 2022 to reach 2.8% above 2019 levels, driven mostly by non-OECD countries. Carbon emissions reached a new record high in 2022 of 39.3 billion tonnes, with energy-related emissions increasing 0.9%. Global prices of oil, natural gas, coal, and key minerals like lithium and cobalt increased sharply in 2022.
The BP Statistical Review of World Energy documented that in 2018:
1) Primary energy consumption grew at its fastest rate since 2010, led by growth in natural gas and renewables.
2) Carbon dioxide emissions from energy use increased at the fastest rate in seven years.
3) While renewable energy continued rapid growth, its increase only accounted for a third of the required rise in global power generation. Coal provided a similar contribution and increased coal use in the power sector accounted for all of the growth in global coal consumption.
The document summarizes bp's Energy Outlook 2022, which explores three scenarios (Accelerated, Net Zero, New Momentum) for the global energy transition to 2050. Accelerated and Net Zero result in substantial reductions in carbon emissions of around 75% and 95% respectively by 2050, aligned with limiting warming to below 2C and 1.5C. New Momentum sees more gradual changes aligned with current policy ambitions, with emissions 20% below 2019 levels by 2050. Across the scenarios, final energy demand peaks as efficiency gains accelerate, while renewable energy like wind and solar expand rapidly alongside technologies like hydrogen, bioenergy and CCUS.
McKinsey Global Energy Perspectives 2022- published in uncertain times:
in their own words:
These shifts and their interplay raise several key questions about the potential path
ahead for the global energy landscape. Will price spikes delay the energy transition,
or will high fossil fuel prices accelerate adoption of low-carbon alternatives? Will
governments and businesses further increase their efforts to decarbonize, or will
challenges in implementation lower ambition levels? How might the invasion of Ukraine
influence the direction and speed of the transition? And, will there be an orderly
transition to a low-carbon economy, or will rapid shifts come with instability and unrest?
EFOW remarks: All our consultancies are struggling to come to grasps with the new Geo-political and energy realities we have been landed in 2022, and seek to solve the puzzle. Despite all uncertainties- reports and analysis are published, and , if we are honest, we better see us going back to the drawing boards, look a little clearer at our present energy transition approach, open some relevant conversations and fact-findings- cross-borders- and to determine what is urgent and important, and how to re-organize our present market constellation- and our tone of voice in leadership- for reparations, peace-, capacity & capability- and future making.
I invite you to digest some of our practice learnings and insights- and to see where we believe our leadership in government, and business administration can now make a difference. Our earlier publication on 99 Theses to Build Back Better- may provide you with some relevant stepping stones, for these conversations.
Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
Since 2010, the world has added more solar photovoltaic (PV) capacity than in the previous four decades. New systems were installed in 2013 at a rate of 100 megawatts (MW) of capacity per day. Total global capacity overtook 150 gigawatts (GW) in early 2014. The geographical pattern of deployment is rapidly changing. While a few European countries, led by Germany and Italy, initiated large-scale PV development, PV systems are now expanding in other parts of the world, often under sunnier skies. Since 2013, the People’s Republic of China has led the global PV market, followed by Japan and the United States. PV system prices have been divided by three in six years in most markets, while module prices have been divided by five. The cost of electricity from new built systems varies from USD 90 to USD 300/MWh depending on the solar resource; the type, size and cost of systems; maturity of markets and costs of capital. This roadmap envisions PV’s share of global electricity reaching 16% by 2050, a significant increase from the 11% goal in the 2010 roadmap. PV generation would contribute 17% to all clean electricity, and 20% of all renewable electricity. China is expected to continue leading the global market, accounting for about 37% of global capacity by 2050. Achieving this roadmap’s vision of 4 600 GW of installed PV capacity by 2050 would avoid the emission of up to 4 gigatonnes (Gt) of carbon dioxide (CO2) annually. This roadmap assumes that the costs of electricity from PV in different parts of the world will converge as markets develop, with an average cost reduction of 25% by 2020, 45% by 2030, and 65% by 2050, leading to a range of USD 40 to 160/MWh, assuming a cost of capital of 8%. To achieve the vision in this roadmap, the total PV capacity installed each year needs to rise rapidly, from 36 GW in 2013 to 124 GW per year on average, with a peak of 200 GW per year between 2025 and 2040. Including the cost of repowering – the replacement of older installations – annual investment needs to reach an average of about USD 225 billion, more than twice that of 2013.
The document summarizes the key points of the World Energy Outlook 2016 executive summary published by the International Energy Agency. It discusses that the Paris Agreement on climate change makes transforming the energy sector essential. While global CO2 emissions from energy stalled in 2015, continued growth is projected until 2040 under current policies. The summary outlines investment needs and shifts towards renewables and efficiency to 2040 under main and accelerated decarbonization scenarios. It highlights progress towards national climate pledges but notes more action is required to limit global warming per the Paris Agreement goals.
World Economic Forum report on the state of energy transition around the globe, and their recommendations.
Please consult with our working practice Energy For One World on how best to see and where best we can approach the present gap and (leadership) change challenge we see ourselves in.
Annual report issued by the International Energy Agency. This newest report examines the critical role of price for crude oil in "rebalancing" supply and demand. The authors note the process of rebalancing (getting to higher prices) is rarely a smooth adjustment. Indeed! In the central scenario of this year's report, a tightening oil balance leads to a price around $80 per barrel by 2020--just five short years away.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. It considers a range of scenarios that differ in their assumptions about policies, technologies, and energy market developments. The main scenario, called Evolving Transition, sees global energy demand growing by one third by 2040 as prosperity increases worldwide. Renewable energy is the fastest growing source and accounts for 40% of the increase in primary energy. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
BP Energy Outlook
The Energy Outlook explores the forces shaping the global energy transition out to 2040 and the key uncertainties surrounding that transition. It shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil, gas, coal and renewables.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. In the Evolving Transition scenario, global GDP more than doubles by 2040 due to rising prosperity in developing economies. This drives a 35% increase in global energy demand, partly offset by faster gains in energy efficiency. Industrial demand accounts for around half of increased energy use, while transport growth slows sharply. Renewables see the fastest growth and provide 40% of additional energy, resulting in the most diversified fuel mix ever by 2040. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
IEA Technology roadmap solar photovoltaic energy 2014 Andrew Gelston
This document provides a summary and update of the International Energy Agency's 2014 technology roadmap for solar photovoltaic energy. It envisions solar PV providing up to 16% of global electricity by 2050, compared to 11% in the 2010 roadmap. Significant cost reductions have already been achieved, with further reductions possible through targeted research and development. Large-scale integration of variable solar PV will require measures to ensure grid stability and flexibility. Clear and predictable policy support is needed to continue driving down costs and overcoming non-economic barriers to deployment in order to achieve the roadmap's vision.
The document is a report by the International Energy Agency (IEA) examining the role of the oil and gas industry in transitioning to net zero emissions.
The report finds that:
1) Successful clean energy transitions require significantly lower demand for oil and gas over time, which means the industry must scale back production, not expand it.
2) While oil and gas companies need to reduce their own emissions, they must also embrace broader opportunities in the clean energy economy by investing more than their current less than 1% of total clean energy investment.
3) All parts of the oil and gas industry will be affected by the transition and need to take action to align their business with the goals of the Paris Agreement
NGO data manipulation of financial markets?
Everywhere data has been manipulated to suite or fit
the Greenpeace & Co 100% WindSolar UTOPIA?
Not 1 word on Methane 10,000 billion tons of Gas? Puts long term large Green Energy investment decisions into an unforeseeable level of risk, as the go no go or careful timing for these very capital intensive investments in the long term, is suddenly unimaginable or non existing 4 the investor = Not a word Not 1 in Carbon Tracker?
The results of the global Energy Architecture Performance Index (EAPI) 2017 highlight key trends in the energy transition moving towards more sustainable, affordable and secure energy systems around the world, as well as the challenges countries continue to face, individually and as cohorts. Looking back at five years of data from the EAPI, this report also distils insights from countries that have shown significant improvements in performance or remained consistently high performers
This document provides a summary of the Global Wind Energy Council's Global Wind Report 2023. It includes:
1) An introduction from the GWEC Chairman emphasizing the need to strengthen wind energy supply chains to meet growing demand driven by climate policies from major economies.
2) A foreword from the GWEC CEO noting that 2023 will mark a turnaround as policies in the US, EU, China and other markets accelerate wind deployment towards 2 TW by 2030, but that supply chains may struggle to keep up with demand.
3) A table of contents listing the various sections and data included in the full report on wind energy markets, outlook, case studies, challenges and opportunities.
The document presents an overview of global renewable energy trends in 2021, noting that while there was record growth in renewable energy capacity and investment, rising energy consumption led to increased use of fossil fuels and record carbon dioxide emissions as the energy transition is not happening fast enough. Ambition and targets increased in 2021 but political momentum has not translated into sufficient real-world action to shift away from fossil fuels at the pace required by climate scientists. Continued growth in fossil fuel use poses economic, environmental and geopolitical threats as the world faces its biggest ever energy crisis.
This document summarizes key findings from the Tracking Clean Energy Progress 2014 report. It finds that emerging economies are stepping up their clean energy ambitions, with Asia accounting for over half of new solar photovoltaic installations in 2013. However, policy uncertainty in OECD countries has stalled clean energy momentum. While clean technologies are becoming more competitive, policy incentives are still needed to drive investment due to factors like low electricity prices and carbon prices in Europe. Overall progress remains below the levels needed to meet long-term climate and energy security goals.
Tracking Clean Energy Progress 2014 examines progress in the development and deployment of key clean energy technologies. This Energy Technology Perspectives 2014 (ETP 2014) excerpt tracks each technology and sector against interim 2025 targets in the IEA 2014 Energy Technology Perspectives 2°C scenario, which lays out pathways to a sustainable energy system in 2050.
Deployment of solar photovoltaics (PV), onshore wind and electric vehicles (EVs) is still increasing rapidly, but their growth rates are slowing. Growth of coal-fired power generation exceeds that of all non-fossil fuels combined. Nuclear power generation is stagnating. Development of carbon capture and storage (CCS) remains too slow. These trends reflect inadequate political and financial commitment to long-term sustainability of the global energy system.
The document is ExxonMobil's 2018 Outlook for Energy report which provides their view of global energy demand and supply through 2040. It finds that global energy demand will increase by around 25% by 2040 due to population and economic growth, with energy efficiency improvements helping to limit demand growth. Non-OECD countries will account for virtually all demand growth, led by China and India, as their economies and populations expand. Energy sources will continue shifting toward cleaner fuels like natural gas, renewables, and nuclear power.
The BP Energy Outlook document explores various scenarios for the global energy transition out to 2040. In the Evolving Transition scenario, global GDP more than doubles driven by rising prosperity in developing economies like China and India. This lifts billions out of poverty and increases energy demand by around a third, with renewables becoming the largest source of power. However, carbon emissions continue rising, highlighting the need for further policy and technological changes to achieve emissions reduction goals.
Energy Efficiency: The value of urgentaction-7thAnnualGlobalConferenceonEnergy for One World
The International Energy Agency (IEA) advocates for policies that enhance energy reliability, affordability and sustainability. Doubling the rate of energy intensity improvement to 4% annually could avoid 95 exajoules of energy demand by 2030, equivalent to China's current energy use. This would reduce emissions by 5 gigatons annually and strengthen energy security by avoiding 30 million barrels of oil per day and 650 billion cubic meters of natural gas per year. Accelerating energy efficiency progress could lower household energy bills by at least $650 billion annually by 2030 and support 10 million additional jobs.
This document provides an overview of renewable energy developments and climate change initiatives across ASEAN countries. It discusses how ASEAN has committed to increasing the renewable energy component in its energy mix to 23% by 2025. Each ASEAN country is highlighted for its renewable energy targets and trends. The document emphasizes that large-scale investment in clean energy technologies should be a priority for economic stimulus plans following COVID-19, as it will promote sustainable development and energy transitions. Directing stimulus funds towards renewable energy could help tackle climate change while spurring long-term economic gains.
Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
This document summarizes a workshop on global energy productivity transformations. It discusses how improving energy productivity can benefit economies through increased employment, stronger government finances, and economic growth. While momentum is growing for international cooperation on energy efficiency, implementation depends more on domestic policies. The document analyzes historical increases in energy productivity in countries like China, India, the US, and Europe. It notes that comparisons between countries are sensitive to data and metrics used.
The document provides an overview and highlights from DNV's Energy Transition Outlook 2022 report. It summarizes that high energy prices and security concerns due to the war in Ukraine will not slow the long-term energy transition, though some short-term impacts are expected. Electricity remains the main driver of the transition and will more than double by 2050 as renewables like solar and wind grow rapidly. However, the report finds that global efforts have fallen short of the urgent action needed to limit warming to 1.5°C, and additional policies and measures are required to achieve net zero emissions by 2050.
World Economic Forum report on the state of energy transition around the globe, and their recommendations.
Please consult with our working practice Energy For One World on how best to see and where best we can approach the present gap and (leadership) change challenge we see ourselves in.
Annual report issued by the International Energy Agency. This newest report examines the critical role of price for crude oil in "rebalancing" supply and demand. The authors note the process of rebalancing (getting to higher prices) is rarely a smooth adjustment. Indeed! In the central scenario of this year's report, a tightening oil balance leads to a price around $80 per barrel by 2020--just five short years away.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. It considers a range of scenarios that differ in their assumptions about policies, technologies, and energy market developments. The main scenario, called Evolving Transition, sees global energy demand growing by one third by 2040 as prosperity increases worldwide. Renewable energy is the fastest growing source and accounts for 40% of the increase in primary energy. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
BP Energy Outlook
The Energy Outlook explores the forces shaping the global energy transition out to 2040 and the key uncertainties surrounding that transition. It shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil, gas, coal and renewables.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. In the Evolving Transition scenario, global GDP more than doubles by 2040 due to rising prosperity in developing economies. This drives a 35% increase in global energy demand, partly offset by faster gains in energy efficiency. Industrial demand accounts for around half of increased energy use, while transport growth slows sharply. Renewables see the fastest growth and provide 40% of additional energy, resulting in the most diversified fuel mix ever by 2040. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
IEA Technology roadmap solar photovoltaic energy 2014 Andrew Gelston
This document provides a summary and update of the International Energy Agency's 2014 technology roadmap for solar photovoltaic energy. It envisions solar PV providing up to 16% of global electricity by 2050, compared to 11% in the 2010 roadmap. Significant cost reductions have already been achieved, with further reductions possible through targeted research and development. Large-scale integration of variable solar PV will require measures to ensure grid stability and flexibility. Clear and predictable policy support is needed to continue driving down costs and overcoming non-economic barriers to deployment in order to achieve the roadmap's vision.
The document is a report by the International Energy Agency (IEA) examining the role of the oil and gas industry in transitioning to net zero emissions.
The report finds that:
1) Successful clean energy transitions require significantly lower demand for oil and gas over time, which means the industry must scale back production, not expand it.
2) While oil and gas companies need to reduce their own emissions, they must also embrace broader opportunities in the clean energy economy by investing more than their current less than 1% of total clean energy investment.
3) All parts of the oil and gas industry will be affected by the transition and need to take action to align their business with the goals of the Paris Agreement
NGO data manipulation of financial markets?
Everywhere data has been manipulated to suite or fit
the Greenpeace & Co 100% WindSolar UTOPIA?
Not 1 word on Methane 10,000 billion tons of Gas? Puts long term large Green Energy investment decisions into an unforeseeable level of risk, as the go no go or careful timing for these very capital intensive investments in the long term, is suddenly unimaginable or non existing 4 the investor = Not a word Not 1 in Carbon Tracker?
The results of the global Energy Architecture Performance Index (EAPI) 2017 highlight key trends in the energy transition moving towards more sustainable, affordable and secure energy systems around the world, as well as the challenges countries continue to face, individually and as cohorts. Looking back at five years of data from the EAPI, this report also distils insights from countries that have shown significant improvements in performance or remained consistently high performers
This document provides a summary of the Global Wind Energy Council's Global Wind Report 2023. It includes:
1) An introduction from the GWEC Chairman emphasizing the need to strengthen wind energy supply chains to meet growing demand driven by climate policies from major economies.
2) A foreword from the GWEC CEO noting that 2023 will mark a turnaround as policies in the US, EU, China and other markets accelerate wind deployment towards 2 TW by 2030, but that supply chains may struggle to keep up with demand.
3) A table of contents listing the various sections and data included in the full report on wind energy markets, outlook, case studies, challenges and opportunities.
The document presents an overview of global renewable energy trends in 2021, noting that while there was record growth in renewable energy capacity and investment, rising energy consumption led to increased use of fossil fuels and record carbon dioxide emissions as the energy transition is not happening fast enough. Ambition and targets increased in 2021 but political momentum has not translated into sufficient real-world action to shift away from fossil fuels at the pace required by climate scientists. Continued growth in fossil fuel use poses economic, environmental and geopolitical threats as the world faces its biggest ever energy crisis.
This document summarizes key findings from the Tracking Clean Energy Progress 2014 report. It finds that emerging economies are stepping up their clean energy ambitions, with Asia accounting for over half of new solar photovoltaic installations in 2013. However, policy uncertainty in OECD countries has stalled clean energy momentum. While clean technologies are becoming more competitive, policy incentives are still needed to drive investment due to factors like low electricity prices and carbon prices in Europe. Overall progress remains below the levels needed to meet long-term climate and energy security goals.
Tracking Clean Energy Progress 2014 examines progress in the development and deployment of key clean energy technologies. This Energy Technology Perspectives 2014 (ETP 2014) excerpt tracks each technology and sector against interim 2025 targets in the IEA 2014 Energy Technology Perspectives 2°C scenario, which lays out pathways to a sustainable energy system in 2050.
Deployment of solar photovoltaics (PV), onshore wind and electric vehicles (EVs) is still increasing rapidly, but their growth rates are slowing. Growth of coal-fired power generation exceeds that of all non-fossil fuels combined. Nuclear power generation is stagnating. Development of carbon capture and storage (CCS) remains too slow. These trends reflect inadequate political and financial commitment to long-term sustainability of the global energy system.
The document is ExxonMobil's 2018 Outlook for Energy report which provides their view of global energy demand and supply through 2040. It finds that global energy demand will increase by around 25% by 2040 due to population and economic growth, with energy efficiency improvements helping to limit demand growth. Non-OECD countries will account for virtually all demand growth, led by China and India, as their economies and populations expand. Energy sources will continue shifting toward cleaner fuels like natural gas, renewables, and nuclear power.
The BP Energy Outlook document explores various scenarios for the global energy transition out to 2040. In the Evolving Transition scenario, global GDP more than doubles driven by rising prosperity in developing economies like China and India. This lifts billions out of poverty and increases energy demand by around a third, with renewables becoming the largest source of power. However, carbon emissions continue rising, highlighting the need for further policy and technological changes to achieve emissions reduction goals.
Energy Efficiency: The value of urgentaction-7thAnnualGlobalConferenceonEnergy for One World
The International Energy Agency (IEA) advocates for policies that enhance energy reliability, affordability and sustainability. Doubling the rate of energy intensity improvement to 4% annually could avoid 95 exajoules of energy demand by 2030, equivalent to China's current energy use. This would reduce emissions by 5 gigatons annually and strengthen energy security by avoiding 30 million barrels of oil per day and 650 billion cubic meters of natural gas per year. Accelerating energy efficiency progress could lower household energy bills by at least $650 billion annually by 2030 and support 10 million additional jobs.
This document provides an overview of renewable energy developments and climate change initiatives across ASEAN countries. It discusses how ASEAN has committed to increasing the renewable energy component in its energy mix to 23% by 2025. Each ASEAN country is highlighted for its renewable energy targets and trends. The document emphasizes that large-scale investment in clean energy technologies should be a priority for economic stimulus plans following COVID-19, as it will promote sustainable development and energy transitions. Directing stimulus funds towards renewable energy could help tackle climate change while spurring long-term economic gains.
Il World Energy Focus, nuovo mensile online della WEC's community, una e-publication gratuita per essere sempre aggiornato sugli sviluppi del settore energetico. Il World Energy Focus contiene news, interviste esclusive e uno spazio dedicato agli eventi promossi dai singoli Comitati Nazionali.
This document summarizes a workshop on global energy productivity transformations. It discusses how improving energy productivity can benefit economies through increased employment, stronger government finances, and economic growth. While momentum is growing for international cooperation on energy efficiency, implementation depends more on domestic policies. The document analyzes historical increases in energy productivity in countries like China, India, the US, and Europe. It notes that comparisons between countries are sensitive to data and metrics used.
The document provides an overview and highlights from DNV's Energy Transition Outlook 2022 report. It summarizes that high energy prices and security concerns due to the war in Ukraine will not slow the long-term energy transition, though some short-term impacts are expected. Electricity remains the main driver of the transition and will more than double by 2050 as renewables like solar and wind grow rapidly. However, the report finds that global efforts have fallen short of the urgent action needed to limit warming to 1.5°C, and additional policies and measures are required to achieve net zero emissions by 2050.
Similar to EI Statistical Review of World Energy 2024 (20)
The Big Oil Reality Check report finds that the climate pledges and plans of 8 international oil and gas companies fail to align with international agreements to phase out fossil fuels and to limit global temperature rise to 1.5ºC.
Publication May 2021
IEA publication, May 2024
Critical minerals, which are essential for a range of clean energy technologies, have risen up the policy agenda in recent years due to increasing demand, volatile price movements, supply chain bottlenecks and geopolitical concerns. The dynamic nature of the market necessitates greater transparency and reliable information to facilitate informed decision-making, as underscored by the request from Group of Seven (G7) ministers for the IEA to produce medium- and long-term outlooks for critical minerals.
The Global Critical Minerals Outlook 2024 follows the IEA’s inaugural review of the market last year. It provides a snapshot of industry developments in 2023 and early 2024 and offers medium- and long-term outlooks for the demand and supply of key energy transition minerals based on the latest technology and policy trends.
The report also assesses key risks to the reliability, sustainability and diversity of critical mineral supply chains and analyses the consequences for policy and industry stakeholders. It will be accompanied by an updated version of the Critical Minerals Data Explorer, an interactive online tool that allows users to explore the latest IEA projections.
Science Publication
Global projections of macroeconomic climate-change damages typically consider
impacts from average annual and national temperatures over long time horizons1–6
.
Here we use recent empirical fndings from more than 1,600 regions worldwide over
the past 40 years to project sub-national damages from temperature and precipitation,
including daily variability and extremes7,8
. Using an empirical approach that provides
a robust lower bound on the persistence of impacts on economic growth, we fnd that
the world economy is committed to an income reduction of 19% within the next
26 years independent of future emission choices (relative to a baseline without
climate impacts, likely range of 11–29% accounting for physical climate and empirical
uncertainty). These damages already outweigh the mitigation costs required to limit
global warming to 2 °C by sixfold over this near-term time frame and thereafter diverge
strongly dependent on emission choices. Committed damages arise predominantly
through changes in average temperature, but accounting for further climatic
components raises estimates by approximately 50% and leads to stronger regional
heterogeneity. Committed losses are projected for all regions except those at very
high latitudes, at which reductions in temperature variability bring benefts. The
largest losses are committed at lower latitudes in regions with lower cumulative
historical emissions and lower present-day income.
Science Publication: The atlas of unburnable oil for supply-side climate poli...Energy for One World
Nature Communication, Publication 2024
To limit the increase in global mean temperature to 1.5 °C, CO2 emissions must
be drastically reduced. Accordingly, approximately 97%, 81%, and 71% of
existing coal and conventional gas and oil resources, respectively, need to
remain unburned. This article develops an integrated spatial assessment
model based on estimates and locations of conventional oil resources and
socio-environmental criteria to construct a global atlas of unburnable oil. The
results show that biodiversity hotspots, richness centres of endemic species,
natural protected areas, urban areas, and the territories of Indigenous Peoples
in voluntary isolation coincide with 609 gigabarrels (Gbbl) of conventional oil
resources. Since 1524 Gbbl of conventional oil resources are required to be left
untapped in order to keep global warming under 1.5 °C, all of the above-
mentioned socio-environmentally sensitive areas can be kept entirely off-
limits to oil extraction. The model provides spatial guidelines to select
unburnable fossil fuels resources while enhancing collateral socio-
environmental benefits.
This document is a report from the Inter-agency Task Force on Financing for Development summarizing the current state of financing for sustainable development. It finds financing gaps have increased to $4 trillion annually for developing countries. Progress on reducing poverty and hunger has stalled or reversed in some cases. Many developing economies face high debt burdens, exacerbating financing challenges. The report calls for $500 billion in additional annual investments in sustainable development and climate action through measures like development bank reforms, debt relief for vulnerable countries, and international financial system reforms to better support developing countries in achieving the SDGs. It will help inform discussions at the upcoming Fourth International Conference on Financing for Development.
This report analyzes global trends in corporate sustainability policies and practices. It finds that nearly 10,000 listed companies representing $85 trillion in market capitalization disclosed sustainability information in 2022. Most large companies report greenhouse gas emissions and set reduction targets, though target baselines are often missing. The report also examines board oversight of sustainability issues, executive compensation linked to ESG metrics, corporate lobbying activities, and stakeholder engagement practices. It concludes by recommending flexibility in disclosure standards and increased assurance of sustainability reports.
European Court of Human Rights: Judgment Verein KlimaSeniorinnen Schweiz and ...Energy for One World
The European Court of Human Rights found Switzerland in violation of its obligations under the European Convention on Human Rights to protect citizens from climate change. The Court ruled that Article 8, the right to respect for private and family life, includes protection from serious adverse effects of climate change. However, it found the individual applicants did not have standing, while the applicant association representing over 2,000 older women did have standing. The Court also found Switzerland violated Article 6 by failing to properly consider the association's complaints in domestic courts. Overall, Switzerland failed to implement sufficient legislation and measures to meet its climate change targets in line with its international commitments.
Peace, Conflict and National Adaptation Plan (NAP) ProcessesNAP Global Network
Conflict-affected countries dealing with national defense issues, the deaths and suffering of their people, and a fragile peace environment might find it challenging to prioritize climate change action. However, ignoring their adaptation needs while striving to promote peace would be a mistake, as there are close links between climate change and fragility.
2. Back to contents
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3. Back to contents Energy Institute Statistical Review of World Energy 2024 1
Introduction
2 Foreword
4 2023 Key highlights
6 Regional overview
Primary energy and carbon
12 Foreword
13 Consumption
14 Consumption by fuel
15 Consumption per capita
Carbon
16 Carbon dioxide emissions from energy
17 Emissions from gas flaring
18 Carbon dioxide equivalent emissions
19 Carbon capture, usage and storage
19 Prices
Oil
20 Foreword
21 Production
26 Consumption
30 Prices
31 Refining
33 Trade movements
Natural gas
36 Foreword
37 Production
39 Consumption
41 Prices
41 Hydrogen production capacity
42 Trade movements
Coal
46 Foreword
47 Production
49 Trade movements
50 Prices
51 Consumption
Nuclear energy
52 Foreword
53 Generation
Electricity and renewables
54 Foreword
Electricity
55 Generation
56 Generation by fuel
56 Grid-scale battery energy
Hydroelectricity
57 Generation
Renewable energy
58 Consumption
60 Solar installed
61 Wind installed
62 Solar and Wind installed by type
63 Generation by source
64 Biofuels production
65 Biofuels consumption
Key minerals
66 Foreword
67 Production and reserves
68 Prices
Methodology
69 More detail on the methodology
Appendices
71 Approximate conversion factors
72 Definitions
More information
Contents
Back to contents
4. Foreword
Foreword
This 73rd
Statistical Review of World Energy is the second
under the custodianship of the Energy Institute (EI).
Energy has always been and remains central to human
achievement and progress. It is also, increasingly, central
to our very survival. With global temperature increases
averaging close to 1.5°C, 2023 was the warmest year
since records began, and the increasingly severe impacts
of climate change were felt across all continents. We also
experienced the continuing effects of geopolitical disruption
on energy markets, and the economies and livelihoods
they support.
As the chartered professional membership body for people
working across the world of energy, the Energy Institute
is proud to be the home of the Statistical Review of World
Energy. Our aim is to provide an objective, independent
and comprehensive evidence base for decision makers in
governments, businesses and civil society grappling with
these profound challenges.
In this second Statistical Review under the Institute’s
custodianship, we report on another year of highs in
our energy hungry world. Record consumption of fossil
fuels and record emissions from energy, but also record
generation from renewables, driven by increasingly
competitive wind and solar energy.
The progress of the transition is slow, but the big picture
masks diverse energy stories playing out across different
geographies. This year we provide additional visualisations
to bring these contrasts to life – from advanced economies
where we see signs of demand for fossil fuels peaking,
to economies in the Global South for whom economic
development and improvements in quality of life continue to
drive fossil growth.
This year we also introduce new data sets in areas that will
grow in significance over the coming years and decades – in
battery storage and battery cells, carbon capture, hydrogen,
ammonia, uranium, carbon prices, and additional key minerals
and materials. Over the coming months, we’ll be engaging
with users on further developments, to ensure the way we
measure and analyse energy keeps pace and stays relevant
as the transition progresses from high to low carbon, from
molecule to electron, from supply-led to demand-led.
We are grateful to our co-authors KPMG and Kearney in this
vital endeavour, for the support of S&P Global Commodity
Insights and bp, and for the data compilation undertaken by
Heriot-Watt University. Together we are able to ensure the
Statistical Review remains the respected, go-to source of data
for the energy community around the world.
The progress of the transition
is slow, but the big picture
masks diverse energy stories
playing out across different
geographies.
Juliet Davenport OBE HonFEI
President, Energy Institute
Dr Nick Wayth CEng FEI FIMechE
CEO, Energy Institute
Back to contents
5. Back to contents Energy Institute Statistical Review of World Energy 2024 3
KPMG
Businesses worldwide rely on independent and authoritative
data to inform their energy transition strategies and
investment decisions. The Energy Institute’s 2024 Statistical
Review of World Energy provides comprehensive insights,
which is why KPMG International is proud to collaborate with
them on the production of this report.
We saw renewables continuing to scale at pace, with record
highs in 2023 and China adding more renewable generation
than the rest of the world combined. But fossil fuels grew
as well to meet the rising demand for energy globally. As
a result, the share of fossil fuels in world energy demand
remained stubbornly stuck around the 80% mark.
With record CO2
emissions as well in 2023, this recent data
should serve as a timely reminder for the world to redouble
efforts to reduce carbon emissions and reach net zero.
In particular, we should do more to provide finance and
capacity to support the building of more low-carbon energy
sources in the Global South, where demand is growing at a
rapid pace.
Kearney
COP28 and rhetoric from world leaders on the energy
transition demonstrates the ambition to reduce the world’s
fossil fuel dependency. However, this ambition is futile unless
it is matched with drastic and coordinated actions resulting in
real and immediate impact on climate change mitigation.
The Statistical Review of World Energy is the perfect
opportunity for us to take a step back and examine the
reality of our energy usage to understand just how far we
must go on this transitional journey. While progress has
been made, 2023 was unfortunately another record year for
the consumption of fossil fuels and emissions from energy.
With global temperature increases closing in on 1.5°C, we
are also seeing a real disconnect with the Paris goals and the
progress of the transition is too slow.
We hope that this report will help governments, world
leaders and analysts around the world move forward,
clear-eyed about the challenge that lies ahead, and ready
to take a lead in promoting and enabling the use of clean
energy across the world.
Simon Virley CB FEI
Vice Chair and Head of Energy and
Natural Resources, KPMG in the UK
Dr Romain Debarre
Partner and Managing Director,
Energy Transition Institute, Kearney
In collaboration with
6. 4 Energy Institute Statistical Review of World Energy 2024 Back to contents
2023 Key highlights
2023 was a year of production and consumption records across the board
with most markets returning to at least their 2019 pre-COVID long-term
trends as supply chain issues finally eased.
Oil consumption in particular rebounded
strongly, largely on the back of China relaxing
its zero-COVID lockdown policies. Although
demand for gas remained flat, consumption of
crude oil broke through the 100 million barrels
per day level for the first time ever and coal
demand beat the previous year’s record level.
Consumption of renewable energy grew at
six times the rate of total primary energy, and
electricity demand grew 25% faster than total
primary energy consumption.
Energy developments
• Total primary energy consumption increased by 2% over its
2022 level, 0.6% above its ten-year average and over 5%
above its 2019 pre-COVID level.
• Renewables’ share of total primary energy consumption
reached 14.6%, an increase of 0.4% over the previous year.
Together with nuclear, they represented over 18% of total
primary energy consumption.
• Fossil fuel consumption as a percentage of primary energy
dropped 0.4% to 81.5%.
Carbon emissions
• Greenhouse gas emissions from energy use, industrial
processes, flaring and methane (in carbon dioxide equivalent
terms) increased 2.1% to exceed the record level set in 2022.
For the first time ever, energy-related emissions exceeded
the 40 GtCO2
e level, with emissions from the direct use of
energy breaching 35 GtCO2
e for the first time ever.
• Carbon dioxide emissions from flaring increased by 7%
along with emissions from methane and industrial processes
that also increased by over 5%.
Oil
• Although Brent crude oil prices fell 18% to average
$83/bbl in 2023, they were still some 29% above their
2019 pre-COVID levels.
• Global oil production increased by 1.8 million b/d to reach a
record level of 96 million b/d in 2023. The US remained the
largest producer seeing its output grow by over 8%. Overall
production from non-OPEC+ countries exceeded global
incremental demand growth by 20%.
• In 2022 the combined consumption of oil and biofuel
products exceeded 100 million barrels per day for the first
time ever. In 2023, consumption of oil products alone
exceeded this level.
• Regionally, whilst North America witnessed a modest
increase in oil consumption of around 0.8%, demand in
Europe fell by nearly 1% to 13.9 million barrels per day.
By contrast, the Asia Pacific region saw an increase of over
5% to 38 million barrels per day.
• The ending of China’s extended zero-COVID lockdown
measures saw demand for gasoline and diesel rebound to
7,179 kbd, 15% above its 2019 pre-COVID levels. Whilst its
demand for jet/kerosene grew by 74% in 2023 to 828 kbd,
this is still 14% below its 2019 level which was a record
year for China.
• China’s refining capacity (18,484 kb/d) exceeded the US
(18,429 kb/d) for the first time ever making it the largest
oil refining market by capacity. However, throughput
of refined products from China still lags the US with an
overall utilisation of 81.7% versus 86.6%.
Natural gas
• On average natural gas prices in Europe and Asia fell
30% from their record highs recorded in 2022, averaging
around $13/mmBtu. US Henry Hub prices exhibited an
even greater fall of 60% to average $2.5/mmBtu across the
year, back to their 2019 pre-COVID level.
• Global gas production remained relatively constant
compared to 2022. The US remains the largest producer
of gas delivering around a quarter of the world’s supply.
Output in Europe and the CIS fell by around 7% and 4%
respectively. In absolute terms, the Russian Federation saw
the largest fall in output with a 5% drop of 32 bcm.
• In 2023 LNG supply grew nearly 2% (10 bcm) to 549 bcm.
The US overtook Qatar as the world’s largest exporter of
LNG, seeing its supply increase nearly 10% versus a 2%
drop from Qatar. The Russia Federation saw falls in both
its LNG and pipeline exports with LNG dropping nearly
2% (0.8 bcm) and pipeline supplies dropping around
24% (30 bcm).
• Global natural gas demand increased by only 1 bcm in
2023, a rise of only 0.02% and only slightly above its
2019 pre-COVID level. Whilst its share of global fossil fuel
consumption remained around the 29% mark, its share of
total primary energy consumption fell 0.5% since 2019.
• The global growth in LNG demand was triggered primarily
by the Asia Pacific region with China, India, and other
non-OECD Asia Pacific countries demand increasing by
11 bcm, 2.6 bcm, and 7.6 bcm respectively. LNG into both
Europe and OECD Asia Pacific countries fell by 3 bcm and
11 bcm respectively.
7. Energy Institute Statistical Review of World Energy 2024 5
Back to contents
• China regained its position as the world’s largest LNG
importing country followed by Japan and South Korea.
Together, they accounted for around 45% of global
LNG trade.
• Overall natural gas pipeline net trade fell by around 8%
(or 35 bcm) in 2023. European pipeline imports fell by
26% (40 bcm), almost entirely attributable to supplies from
Russia which accounted for 91% of the drop.
Coal
• From the record levels recorded in 2022, coal prices fell
46% on average with European delivered prices settling
around $130/tonne and delivered prices in Asia averaging
around $125/tonne.
• Global coal production reached its highest ever level
(179 EJ), beating the previous high set the year before.
The Asia Pacific region accounted for nearly 80% of global
output with activity concentrated in just four countries,
Australia, China, India, and Indonesia.
• Global coal consumption continued to increase and
breached 164 EJ for the first time ever. The increase of
1.6% over 2022 was seven times higher than the previous
ten-year average growth rate.
• Whilst China is by far the largest consumer of coal (it beat
its own record set in 2022 and now accounts for 56% of
the world’s total consumption), in 2023 India exceeded
the combined consumption of Europe and North America
for the first time ever. Coal consumption in both Europe
and North America fell below 10 EJ each and has been in
constant decline over the past 10 years.
Electricity
• Global electricity generation increased by 2.5% in 2023
to reach a record level of 29,925 TWh. Whilst electricity
demand in Asia Pacific and the Middle East increased by
around 5%, demand in both Europe and North America
fell by 2.4% and 1% respectively.
• For fossil fuels, coal retained its position as the dominant
fuel for power generation in 2023 with a stable share
around 35%. Natural gas’ share of the generation fleet
also remained stable at around 23%. Oil-fired plant
contributed just over 2% of total electrical output.
• Renewables share of total power generation rose from
29% to 30%. At a regional level, Southern & Central
America recorded the highest contribution from
renewables at 72%. In Brazil, responsible for over 40%
of electricity demand in the region, wind and solar
increased by 17% and 71% respectively.
• The share of nuclear remained flat at around 9% with
new build in China and returns to service of plant in
France and Japan being offset by the closure of Germany’s
remaining plant.
• In 2023, grid-scale battery electricity storage system (BESS)
capacity stood at 55.7 GW, nearly 50% of which was
installed in China.
Wind and Solar
• Solar and wind capacity continued to grow rapidly in 2023
beating the previous year’s record of 276 GW by around
186 GW, a 67% increase.
• Solar accounted for 75% (346 GW) of the capacity
additions with China responsible for around a quarter of
the growth. Europe installed just over 56 GW of solar,
representing 16% of total solar capacity additions.
• Wind achieved a record year for new build with over
115 GW coming online. Nearly 66% of capacity additions
were in China and its total installed capacity is now equal
to North America and Europe combined. Although Europe
has the highest share of offshore in its wind portfolio
(12%), China has 37 GW compared to Europe’s 32 GW.
Biofuels
• Global biofuels’ production grew by over 8% in 2023 with
the biggest increases seen in the US (75 mboe/d) and Brazil
(65 mboe/d). Indonesia was responsible for around 46% of
Asia Pacific region’s production of 422 mboe/d.
• The production split in 2023 was 54% biogasoline and
46% biodiesel.
• The US, Brazil, and Europe were responsible for around
three-quarters of all biofuels consumed globally.
Key minerals
• Across the board, prices for key metals and materials fell by
around 26% in 2023. The biggest declines were in cobalt
(-47%), pet needle coke (-36%), and lithium carbonate
(-32%). Prices for copper and natural graphite fell by only
4% and 15% respectively.
• Africa was responsible for nearly 75% of the world’s
cobalt production. Within this, the Democratic Republic of
Congo was responsible for around 96% (or 56% of the
global total).
8. 6 Energy Institute Statistical Review of World Energy 2024 Back to contents
North
America
117 EJ
S. & Cent.
America
31 EJ
World
620 EJ
2
5
40
51
1
9
6
e
n
e
r
g
y
e
l
ectric
Other renewables
C
o
a
l
N
u
c
l
e
a
r
H
ydro
1
6
4
144
N
a
t
u
r
a
l
g
a
s
Oil
2023 Regional overview – access to
energy and sustainability
Global primary energy consumption
reached a new record for the second
consecutive year with non-OECD
countries dominating both the share
and annual growth rates. Fossil
fuels continue to underpin their
development accounting for 84% of
their energy mix.
9. Energy Institute Statistical Review of World Energy 2024 7
Back to contents
The contrasts between the northern and southern
hemispheres is quite stark. Consumption of primary energy
in the Global South first exceeded that of the Global North
in 2014. In 2023 it accounted for 56% of total energy
consumed and grew at twice the global average rate of
2%. The Asia Pacific region was responsible for 85% of
the Global South’s demand (and 47% of global demand)
where the economies of China, India, Indonesia, Japan
and South Korea dominated. Whilst Southern & Central
America, and Asia Pacific experienced growth rates above
the global average, total demand in Africa dropped by 0.4%
in 2023 and electricity consumption remained flat. Electricity
demand in both North America and Europe experienced
falls of -1% and -2% respectively. In these regions,
electricity demand in particular is increasingly impacted by
energy efficiency regulations, energy-efficient lighting, and
changing consumer habits.
Other Asia Pacific
247 EJ
Europe
78 EJ
CIS
41 EJ
South Asia
45 EJ
Middle East
40 EJ
Africa
21 EJ
10. 8 Energy Institute Statistical Review of World Energy 2024 Back to contents
2023 Regional overview – energy
access, efficiency, and sustainability
Whilst collectively Africa and South Asia were
responsible for less than 10% of the world’s energy
demand in 2023, a prevalence of developing
economies, large populations, low rate of access
to energy today, potentially positions them for
significant energy demand growth in the future.
It is estimated that globally around 750 million people – 1 out of 10 – do not
have access to electricity to light their homes, refrigerate their food, or keep cool
in rising temperatures and around 2.6 billion people rely on heavily polluting
biomass fuels such as charcoal, coal, and animal waste for heating and cooking. In
2023 significant geographical variations were evident in the relationships between
regional population sizes and regional energy consumption. In Africa, South Asia,
and Southern & Central America, the average amount of energy consumed per
person stood at 30 Gigajoules (GJ). This was in stark contrast to North America,
the CIS, and the Middle East, where energy consumption per capita averaged
180 GJ. In North America, the ratio was over twice the global average of 110 GJ.
A similar pattern also played out for average greenhouse gas emissions per person
where Africa, South Asia, and Southern & Central America averaged 2 MtCO2
e
relative to a global average of 6.7 MtCO2
e. North America, the CIS, and the
Middle East collectively averaged 11.5 MtCO2
e, almost twice the global average.
The exception was Other Asia Pacific that was just below the global average for
energy consumption per capita but 0.7 MtCO2
e above the global average for
greenhouse gas emissions per person. This was primarily due to China, the world’s
largest consumer of coal and second largest consumer of oil.
11. Energy Institute Statistical Review of World Energy 2024 9
Back to contents
Today, both Africa and South Asia have very low levels of energy demand relative to the size of their population
Europe and Southern & Central America are the only regions to be below both the global average for CO2
Intensity and Energy Consumption per GDP
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Africa South Asia S. & Cent.
America
Other Asia
Pacific
Global
average
Europe Middle East CIS North
America
● Population
Primary energy
Gigajoules/capita
(*10
2
)
Africa Europe South Asia S. & Cent.
America
Global
average
North America Other
Aisa Pacific
Middle East CIS
● CO2
intensity (MTCO2
e/EJ)
Primary
energy
consumption
per
GDP
(EJ/$
bn)
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
12. 10 Energy Institute Statistical Review of World Energy 2024 Back to contents
2023 Regional overview –
energy security
Production vs consumption by region
North America
Along with sustainability and affordability, secure supply of
energy is a key pillar of the energy trilemma. In 2023, the
total international trade of oil, gas, and coal was 53% higher
than it was in 2000. Collectively, North America, Europe,
and Asia Pacific regions consumed 78% of the world’s total
energy in 2023. Over the past two decades, North America’s
energy system has been transformed by the growth in
unconventional oil and gas that began in the early 2000s.
As a result, in the past 10 years the region has moved from
being a net importer of energy to a net exporter. In 2023, oil
production in North America was 16% above its domestic
consumption whilst gas production sat at 14% above its
demand level. Since the 1980s, Europe has consistently been
a net importer of energy. Its biggest deficit in 2023 was
in oil where production only met 23% of demand. Whilst
European gas production was only able to meet 44% of
consumption, the balance with coal was less severe with
production meeting 58% of demand. The Asia Pacific region
had the highest demand of any region in 2023, consuming
292 EJ of primary energy, 47% of the world’s total demand.
Like Europe, it has consistently been a net importer of energy
since the 1980s. In 2023, its biggest shortfall was in servicing
its demand for oil with production only meeting around
19% of its consumption. Its gas position was more positive
with production able to meet 74% of its demand. For coal,
production in the Asia Pacific region achieved a surplus in
2023, with supply exceeding the region’s demand by 5%.
0
1984 to 1993 1994 to 2003 2004 to 2013 2014 to 2023
200
400
600
800
1000
1200
1400
Exajoules
Surplus
Deficit
Energy production
Energy consumption
13. Energy Institute Statistical Review of World Energy 2024 11
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Production vs consumption by region
Europe
Production vs consumption by region
Asia Pacific
1984 to 1993 1994 to 2003 2004 to 2013 2014 to 2023
0
100
200
300
400
500
600
700
800
900
Exajoules
1984 to 1993 1994 to 2003 2004 to 2013 2014 to 2023
0
500
1000
1500
2000
2500
Exajoules
Surplus
Deficit
Energy production
Energy consumption
Surplus
Deficit
Energy production
Energy consumption
14. Back to contents
12 Energy Institute Statistical Review of World Energy 2024
2023 global energy-related
greenhouse gas emissions
exceeded 40 gigatonnes for
the first time ever
2023 saw a second consecutive record year for global primary
energy consumption as it grew by 2%, reaching 620 EJ. Its growth
rate was 0.6% above its ten-year average and over 5% above its
2019 pre-COVID level. Whilst a new record in the consumption
of fossil fuels (in absolute terms) was recorded. In 2023, it fell to
81.5% compared to almost 81.9% in 2022. With demand for
natural gas, a relatively low carbon-intensive fossil fuel, remaining
flat, the increased use of more carbon-intensive oil and coal
meant that energy-related greenhouse gas emissions also reached
a record high, exceeding 40 GtCO2
e for the very first time. CO2
emissions from the combustion of fossil fuels is by far the largest
source of energy-related greenhouse gas emissions contributing
around 87% of the total.
Primary energy and carbon
■ Fossil fuel combustion ■ Industrial processes and methane ■ Gas flaring
2
0
0
0
1
9
9
9
1
9
9
8
1
9
9
7
1
9
9
6
1
9
9
5
1
9
9
4
1
9
9
3
1
9
9
2
1
9
9
1
1
9
9
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
2
0
2
2
2
0
2
3
0
5
10
15
20
25
30
35
40
45
GTCO
2
e
22. Back to contents
20 Energy Institute Statistical Review of World Energy 2024
Oil production
In 2023, production from
non-OPEC+ countries
exceeded global incremental
demand growth by 20%
In 2023, global oil production reached a record
level of just over 96 million barrels per day.
The US remained the largest producer seeing
its output grow by over 8%. In contrast,
Russia’s production decreased by over 1% as
a full year of international sanctions were felt.
Southern Central America continues to grow
rapidly post-COVID and recorded the highest
growth rate (11%) for any region in 2023. In
Asia Pacific, China’s production rose by 2%,
accounting for around 57% of the region’s
total production.
Whilst the US lost its position as the largest
oil refining market by capacity with China
reaching 18,484 thousand barrels per day,
throughput of refined products from China still
lags the US with a utilisation of nearly 82%
compared to around 87%.
Consumption of oil exceeded 100 million
barrels of oil per day (mbpd) for the first time
ever. Gasoline, diesel and kerosene (aviation)
use are trending back to or beyond their 2019
levels, but within the data sets there are some
national/regional differences. Whilst global
gasoline consumption (25 mbpd) was just
above its 2019 pre-COVID level, kerosene,
although growing strongly (17.5% in 2023),
has yet to return to its 2019 peak.
Oil
Thousand
barrels
per
day
%
Share
■ OPEC ■ OPEC+ ■ Rest of the World ••• Rest of the World share
0
20000
40000
60000
80000
100000
120000
0
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%