LONDON, June 26 (Alliance News): Global carbon dioxide emissions from the energy sector reached a record high for the fourth consecutive year in 2024, as rising fossil fuel use continued to outpace even the rapid growth of renewable energy sources, according to the Energy Institute’s Annual Statistical Review of World Energy, released on Thursday.
The report paints a complex picture of the world’s energy landscape: while wind and solar power grew by 16% last year — nine times faster than overall energy demand — global carbon emissions still rose by around 1%, reaching a new all-time high of 40.8 gigatonnes of CO₂ equivalent.
The findings underscore the mounting challenge in transitioning away from fossil fuels amid ongoing global tensions and energy security concerns.
The total global energy supply grew by 2% in 2024, with every major energy source — oil, gas, coal, nuclear, hydro, and renewables — registering increases for the first time since 2006.
Natural gas saw the highest growth among fossil fuels, up 2.5%, while coal use increased by 1.2%, maintaining its position as the world’s largest energy source. Oil grew by less than 1%.
“Last year was another turning point for global energy, driven by rising geopolitical tensions,” said Romain Debarre of consultancy Kearney, a co-author of the report.
Conflicts such as the war in Ukraine have disrupted global oil and gas flows, while unrest in the Middle East has raised fresh concerns about energy security.
The report also follows 2024 being the hottest year on record, with global temperatures surpassing 1.5°C above pre-industrial levels for the first time — a key threshold in climate policy debates.
Despite strong growth in renewables, the world remains off track to meet the COP28 goal of tripling renewable energy capacity by 2030.
“Progress is proving uneven,” said Wafa Jafri, a partner at KPMG. “Despite the rapid growth we have seen globally, we are still not at the pace required.”
The Energy Institute — supported by consultancies KPMG and Kearney — took over authorship of the report from BP last year.
The institute represents energy professionals and policymakers working to understand and shape global energy trends.
The COP28 climate summit, held in Dubai in 2023, resulted in a landmark agreement among countries to transition away from fossil fuels in energy systems and achieve net-zero emissions by 2050.
However, this latest report raises alarm about the slow pace of change, even as renewable investment breaks new records.
