The Energy Institute’s 2024 Statistical Review of World Energy reveals a year marked by record energy consumption and emissions. Global primary energy use rose by 2% in 2023, surpassing pre-pandemic levels by over 5%. Despite this, fossil fuels maintained dominance, making up 81.5% of total energy consumption.

Carbon emissions reached a worrying new high, exceeding 40 gigatonnes of CO2 equivalent for the first time. Emissions from energy use and industrial processes surged, highlighting the urgent need for more aggressive climate actions. This trend comes despite a rapid expansion in renewable energy capacity.

Oil production hit a record 96 million barrels per day in 2023, with the U.S. maintaining its position as the largest producer. Oil consumption also reached new heights, breaking 100 million barrels per day. China overtook the U.S. as the world’s largest oil refining market by capacity.

Natural gas prices saw a sharp decline, falling by 30% in Europe and Asia and 60% in the U.S. Meanwhile, the U.S. surpassed Qatar as the largest exporter of LNG. Despite these price drops, global natural gas demand remained relatively flat.

Coal consumption and production both set new records, with China accounting for 56% of global coal use. The Asia Pacific region produced nearly 80% of the world’s coal in 2023. Despite efforts to transition to cleaner energy, coal remains a key player in global energy supply.

Renewables increased, accounting for 14.6% of global energy consumption. Solar and wind capacity saw record growth, with China leading the expansion. Electricity generation increased by 2.5%, with renewables supplying 30% of global power.

Regional energy disparities remain stark. The Global South, led by the Asia Pacific region, drives global energy demand. In contrast, North America has become a net energy exporter, while Europe struggles with energy deficits.

The report emphasizes the slow progress of the global energy transition. Fossil fuels continue to dominate, even as renewable energy growth accelerates. The Energy Institute urges renewed efforts to reduce carbon emissions and accelerate the shift toward low-carbon energy sources.