Global Energy CO2 Emissions Reached Record High Last Year, Report says

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% 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.

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.