Share of Fossil Fuels Remains High – Despite Record Growth in Renewables

by | 27. Jun 2023 - 14:19 | Economy

Energy Institute releases new data on world energy.

The Energy Institute (EI) released this year’s edition of its Statistical Report on World Energy on Monday. This overview, prepared in conjunction with accounting firm KPMG and consulting firm Kearney, shows that greenhouse gas emissions from energy increased in 2022, despite strong growth in wind and solar power.

EI President Juliet Davenport emphasized that this would still be heading in the opposite direction of what the Paris Agreement calls for, according to a press release from the institute.

The report shows how much global crises such as the Corona pandemic and the outbreak of war in Ukraine affect supply chains, prices, and the climate in 2022 – not only in the energy sector. Although the expansion of wind and solar power is progressing, fossil fuels continued to dominate energy consumption worldwide, accounting for 82 percent of the total. The share of wind and solar power increased by 14 percent in 2022 compared to the previous year, resulting in renewable energy capacity reaching a record increase of 266 gigawatts. The resulting green energy reached a record 12 percent of global electricity generation. 

The report thus confirms that Sustainable Development Goal 7 (“SDG 7”) of reducing CO2 emissions to net zero by 2050 is still a long way off.

According to the International Energy Agency’s “The Energy Progress Report,” new partnerships are needed to secure supply chains to achieve the desired energy transition (we reported). Governments in a wide range of countries have been seeking new commodity agreements for some time, like the United States and France which both signed agreements with Mongolia. At the European level, EU Commission President Ursula von der Leyen recently sought new partnerships in Latin America.

Photo: iStock/Thinnapob

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