Global Energy Consumption and Emissions Reach Record Highs in 2023, Reports Energy Institute

The 2024 Statistical Review of World Energy reveals significant growth in fossil fuel and renewable energy usage, alongside unprecedented carbon emissions.

The Energy Institute (EI) has published the 73rd edition of its Statistical Review of World Energy, providing comprehensive insights into global energy markets and trends from 2023. This annual report continues to serve as a critical resource for energy professionals, policy-makers, and businesses worldwide, offering data and analysis essential for navigating the energy transition.

Key Highlights from 2023:

  1. Energy Consumption and Production:
  • Total primary energy consumption increased by 2% compared to 2022, surpassing pre-COVID levels by over 5%.
  • Renewable energy consumption grew six times faster than total primary energy, accounting for 14.6% of total consumption.
  • Despite the growth in renewables, fossil fuels maintained a dominant share, comprising 81.5% of primary energy consumption.
  1. Carbon Emissions:
  • Greenhouse gas emissions from energy use and industrial processes rose by 2.1%, exceeding 40 GtCO2e for the first time.
  • Emissions from flaring increased by 7%, while methane and industrial process emissions grew by over 5%.
  1. Oil Market:
  • Oil consumption broke through 100 million barrels per day for the first time, driven by a strong rebound in China following the relaxation of COVID-19 lockdowns.
  • Global oil production reached a record 96 million barrels per day, with the US remaining the largest producer.
  1. Natural Gas:
  • Natural gas prices in Europe and Asia fell by 30% from 2022 levels, with US prices decreasing by 60% to pre-COVID levels.
  • LNG supply increased by nearly 2%, making the US the largest exporter of LNG, surpassing Qatar.
  1. Coal Market:
  • Coal production and consumption reached record levels, with significant increases in the Asia Pacific region.
  • Despite a 46% drop in coal prices, consumption continued to rise, especially in China and India.
  1. Electricity Generation:
  • Global electricity generation increased by 2.5%, with renewables contributing 30% of the total.
  • Grid-scale battery storage capacity stood at 55.7 GW, with nearly half installed in China.
  1. Renewables:
  • Solar and wind capacity saw unprecedented growth, with solar additions leading at 346 GW and wind at 115 GW.
  • China was a major contributor to the capacity additions in both solar and wind sectors.
  1. Biofuels and Key Minerals:
  • Biofuels production grew by over 8%, with the US and Brazil being the largest producers.
  • Prices for key minerals and materials, such as cobalt and lithium carbonate, saw significant declines.

Juliet Davenport, President of the Energy Institute, highlighted the challenges and slow progress in the global energy transition, emphasizing the need for enhanced efforts to reduce carbon emissions and increase the deployment o vef low-carbon energy sources. The report also introduces new datasets on emerging areas such as battery storage, carbon capture, and hydrogen, reflecting the evolving landscape of energy transition.