Fossil gasoline accounted for nearly all demand progress in India in 2023, the report mentioned.

London:

International fossil gasoline consumption and vitality emissions hit all-time highs in 2023, whilst fossil fuels’ share of the worldwide vitality combine decreased barely on the 12 months, the business’s Statistical Overview of World Vitality report mentioned on Thursday.

Rising demand for fossil gasoline regardless of the scaling up of renewables may very well be a sticking level for the transition to decrease carbon vitality as international temperature will increase attain 1.5C (2.7F), the brink past which scientists say impacts similar to temperature rise, drought and flooding will turn out to be extra excessive.

“We hope that this report will assist governments, world leaders and analysts transfer ahead, clear-eyed in regards to the problem that lies forward,” Romain Debarre of consultancy Kearney mentioned.

Final 12 months was the primary full 12 months of rerouted Russian vitality flows away from the West following Moscow’s invasion of Ukraine in 2022, and likewise the primary full 12 months with out main motion restrictions linked to the COVID-19 pandemic.

Total international major vitality consumption hit an all-time excessive of 620 Exajoules (EJ), the report mentioned, as emissions exceeded 40 gigatonnes of CO2 for the primary time.

“In a 12 months the place now we have seen the contribution of renewables reaching a brand new document excessive, ever growing international vitality demand means the share coming from fossil fuels has remained nearly unchanged,” Simon Virley of consultancy KPMG mentioned.

The report recorded shifting developments in fossil gasoline use in several areas. In Europe, for instance, the fossil gasoline share of vitality fell under 70% for the primary time for the reason that industrial revolution.

“In superior economies, we observe indicators of demand for fossil fuels peaking, contrasting with economies within the International South for whom financial improvement and enhancements in high quality of life proceed to drive fossil progress,” Vitality Institute Chief Government Nick Wayth mentioned.

Business physique the Vitality Institute, along with consultancies KPMG and Kearney, has printed the annual report since 2023. They took over from BP final 12 months, which had authored the report, a benchmark for vitality professionals, for the reason that Fifties.

Fossil gasoline accounted for nearly all demand progress in India in 2023, the report mentioned, whereas in China fossil gasoline use rose 6% to a brand new excessive.

However China additionally accounted for over half of world additions in renewable vitality technology final 12 months.

“China including extra renewables than the remainder of the world put collectively is outstanding,” KPMG’s Virley instructed reporters.

Listed below are some highlights from the report on 2023:

CONSUMPTION
* International major vitality demand rose by 2% in 2023 from 2022,to 620 EJ. * Fossil gasoline use rose 1.5% to 505 EJ, which accounted for81.5% of the general vitality combine, down by 0.5% from 2022. * Fossil gasoline use didn’t enhance in a single Europeancountry in 2023. * Electrical energy technology rose by 2.5% in 2023, up slightlyfrom 2.3% of progress the earlier 12 months. * Renewable gasoline technology (excluding hydro) gained 13% toa new document excessive of 4,748 terawatt-hours (TWh). * Renewables’ share of the general vitality combine excludinghydro was 8%, up from 7.5% within the 2022 report. * Together with hydro renewables accounted for 15% of the globalmix.

OIL
* Oil consumption exceeded 100 million bpd in 2023 for thefirst time ever, following a 2% year-on-year rise. * Oil provide progress was met by non-OPEC+ producers, withU.S. output gaining 9% on the 12 months. * China overtook the U.S. because the nation with the largestrefining capability on the earth final 12 months at 18.5 million bpd,although refining volumes nonetheless lagged behind at 82% utilisationvs the U.S.’ 87%. * International gasoline consumption hit 25 million bpd final 12 months,simply above its 2019 pre-pandemic degree. * Biofuels manufacturing elevated by 8% to 2.1 million bpd in2023, pushed by beneficial properties within the U.S. and Brazil. * The U.S., Brazil, and Europe accounted for 80% of globalbiofuels consumption.

NATURAL GAS
* International fuel manufacturing and consumption remained relativelyflat on the 12 months in 2023. * LNG provide rose by virtually 2% to 549 billion cubic metres(bcm). * The U.S. overtook Qatar because the main international provider ofLNG after a ten% rise in manufacturing. * Total European fuel demand was down 7% on the 12 months in2023. * Russia’s share of European fuel provide was simply 15% in2023, from 45% in 2021.

COAL
* Coal consumption hit a brand new excessive of 164 EJ in 2023, up 1.6percenton the 12 months, pushed by China and India. * India’s coal consumption exceeded that of Europe and NorthAmerica mixed. * U.S. coal consumption fell by 17% in 2023 and has halvedin the final decade.

RENEWABLES
* The document excessive in renewable technology was pushed byhigher wind and photo voltaic capability, with 67% extra additions in thosetwo classes in 2023 than 2022. * As a lot as 74% of web progress in general energy generationcame from renewables. * China accounted for 55% of all renewable generationadditions in 2023, and was accountable for 63% of latest globalwind and photo voltaic capability.

EMISSIONS
* Emissions grew by 2% on the 12 months to exceed 40 gigatonnes. * Emissions rose regardless of the slight drop in fossil fuels’share of the vitality combine, as a result of emissions inside the fossilfuels class turned extra intense as oil and coal use rose andgas held regular. * The report notes that since 2000, emissions from energyhave elevated by 50%.

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