Global energy demand rose 1.7% last year, hitting a new record high, while renewables accounted for the largest share of new energy supply, according to the latest Statistical Review of World Energy, published by the Energy Institute.
According to the report, which was published in partnership with Ember and in collaboration with Kearney and KPMG, global electrification has now reached a ‘tipping point’, as the supply of low-carbon electricity has reached a ‘historic milestone’.
At the same time, however, transition pathways have ‘diverged sharply’ from region to region, with emissions from the United States rising 3.2%, driven by a 13% increase in coal-fired power. In absolute terms, this was four times that of China, the report noted.
“Energy remains at the forefront of the world’s political and economic agenda, shaped by changing priorities on energy security, affordability and sustainability,” commented Andy Brown, president, Energy Institute.
“To satisfy the continued insatiable growth in energy demand, we again see growth in all sources of total energy supply. This rigorous dataset is the cornerstone of understanding how these shifting priorities are shaping our global energy landscape.”
Electricity consumption
Overall, global electricity consumption rose by 3% last year, with China reporting growth of 5% – more than any other major economy. China’s increase in electricity demand was equivalent to the entire consumption of Germany in a single year, the report noted.
Solar generation expanded by 30% globally during the year, while installed battery storage capacity increased by 66%. Fossil generation fell overall, resulting in fossil fuels being substituted rather than supplemented.
Despite this progress, global carbon emissions still increased by 1.1%, with China seeing emissions rise by 0.3% and India reporting emissions growth of 0.9%.
The report also notes shifts in energy security, with oil production in the Americas increasing by 4.8%, and the region now producing around 20% more oil than the Middle East.
‘No longer niche’
“The latest Statistical Review confirms that renewable energy is no longer a niche contributor to the global energy mix,” added Maria de Kleijn, Europe lead, Sustainability and partner, Kearney.
“Solar and renewables are scaling at unprecedented rates, but deployment alone is not enough. The next phase of the transition will be defined by system-wide execution, ensuring grids, storage, and flexibility solutions keep pace so clean energy growth translates into economic and societal transformation.” Read more here and here.
