Renewable Energy Growth Fails To Offset Fossil Fuel Dominance

At a time when the peak of 'green' virtue signaling has come and gone, we regret to inform you that all that jawboning and posturing has achieved... absolutely nothing because according to the Statistical Review of World Energy report released on Thursday, global fossil fuel consumption and energy emissions hit all-time highs in 2023 even as fossil fuels' share of the global energy mix decreased slightly on the year.

Global gas production and consumption remained relatively flat on the year in 2023. LNG supply rose by almost 2% to 549 billion cubic metres bcm. The U.S. overtook Qatar as the leading global supplier of LNG after a 10% rise in production. Overall European gas demand was down 7% on the year in 2023. Russia's share of European gas supply was just 15% in 2023, from 45% in 2021.

Coal consumption hit a new high of 164 EJ in 2023, up 1.6% on the year, driven by China and India. India's coal consumption exceeded that of Europe and North America combined. U.S. coal consumption fell by 17% in 2023 and has halved in the last decade. The record high in renewable generation was driven by higher wind and solar capacity, with 67% more additions in those two categories in 2023 than 2022. As much as 74% of net growth in overall power generation came from renewables. China accounted for 55% of all renewable generation additions in 2023, and was responsible for 63% of new global wind and solar capacity.

Emissions grew by 2% on the year to exceed 40 gigatonnes. Emissions rose despite the slight drop in fossil fuels' share of the energy mix, because emissions within the fossil fuels category became more intense as oil and coal use rose and gas held steady. The report notes that since 2000, emissions from energy have increased by 50%. By Zerohedge.com

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