According to the annual statistical overview of global energy published by the Energy Institute on Thursday, global energy CO₂ emissions hit a record high in 2024 for the fourth year in a row. The usage of fossil fuels increased despite record growth in renewable energy, marking the ongoing difficulty of switching to cleaner energy sources. With growing geopolitical tensions and record-breaking global temperatures, this global energy CO₂ emissions spike emphasizes how urgently we must buckle down on action to fulfill climate targets.

Why It Matters

The report emphasizes how challenging it is to reduce the world’s dependency on fossil fuels in the face of energy market upheavals. Oil and gas flows from Russia have changed due to conflicts in Ukraine, and supply security has become a concern due to Middle East tensions. These variables make the transition to sustainable energy sources more difficult. Furthermore, 2024 was the warmest year on record, with global temperatures rising more than 1.5°C (34.7°F) above pre-industrial levels for the first time. With increasing temperatures endangering ecosystems, economies, and communities globally, this milestone increases the need to reduce emissions to avert further climate impacts.

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By the Numbers

All energy sources—oil, gas, coal, nuclear, hydro, and renewables—saw growth in 2024, contributing to a 2% increase in the global energy supply. This trend was previously seen in 2006. As a result, carbon emissions increased by 1%, exceeding the previous year’s 40.8 gigatonnes of CO₂ equivalent peak. Oil increased by less than 1%, coal, the primary source of energy output worldwide, increased by 1.2%, and natural gas, the most abundant fossil fuel, increased by 2.5%. In the meantime, renewable energy—especially solar and wind—grew by 16%, surpassing the rise of the whole energy demand by nine percent. Analysts point out that despite these advancements, the globe is still far from reaching the COP28 target of tripling renewable energy capacity by 2030.

The report’s authorship has been transferred from BP to the Energy Institute in partnership with KPMG and Kearney. The results depict the intricate relationship between energy consumption, geopolitical events, and climate pledges. According to Romain Debarre of Kearney, “Last year was another turning point for global energy, driven by rising geopolitical tensions.” Wafa Jafri, a partner at KPMG, said, “COP28 set out a bold vision to triple global renewables by 2030, but progress is proving uneven, and despite the rapid growth we have seen globally, we are still not at the pace required.” As stated at the 2023 UN Climate Change Conference in Dubai, where countries committed to phasing out fossil fuels to reach net-zero emissions by 2050, these findings underscore the discrepancy between aspiration and reality in the global energy transition.

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