Increased CO2 emissions from energy sources worldwide reach new peak, as per newly disclosed data
A Fresh Perspective on Soaring Global Energy CO2 Emissions
In the recently published annual energy report by the Energy Institute, it's clear as day that 2024 marked a historic high for global energy CO2 emissions - making it the fourth consecutive year breaking this unwanted record. The reliance on fossil fuels didn't seem to fade, despite a substantial leap in renewable energy adoption. With geopolitical tensions tugging at our sleeve, punishing global temperatures, and the urgency to meet climate targets, this chilling increase in emissions calls for quick action.
The Nitty-Gritty
The report offers a penetrating insight into the labyrinth of challenges that hinder the world's breakup with oil, gas, and coal. Conflicts in Ukraine, for example, disturbed the flow of Russian oil and gas, and tensions in the Middle East stirred up concerns about supply security. These turbulent waters make it arduous to switch to sustainable energy sources. Furthermore, 2024 registered as the hottest year on record with temperatures surging more than 1.5°C (34.7°F) above pre-industrial levels - a troubling first for our planet. With the urgency to protect our ecosystems, economies, and communities, this progressive melting of the thermometer reinforces the need to slash emissions and avert catastrophic climate impacts.
Additional Reading: Britain Urged To Cut Electricity Costs To Achieve Net-Zero Climate Targets
By the Numbers
Every energy source - oil, gas, coal, nuclear, hydro, and renewables - witnessed growth in 2024, boosting global energy supply by an impressive 2%. This development brings us back to 2006. Unfortunately, this sharp rise in emissions exceeded the previous year's 40.8 gigatonnes of CO2 equivalent peak by 1%.
Oil edged up by less than 1%, while coal, the most dominant energy output worldwide, climbed by 1.2%. Natural gas, the most abundant fossil fuel, grew by a substantial 2.5%. In spite of these gloomy figures, renewable energy, particularly solar and wind, grew by an astounding 16%, surpassing the growth of the total energy demand by a whopping 9%. Though these advancements are commendable, they are far from reaching the COP28 goal of tripling renewable energy capacity by 2030.
The Energy Institute report has migrated its authorship from the esteemed BP to a collaboration with KPMG and Kearney. These astounding findings shed light on the intricate dance between energy consumption, geopolitics, and climate commitments. According to Romain Debarre of Kearney, "Last year was another alarming turning point for global energy, largely driven by escalating geopolitical tensions." Wafa Jafri, a partner at KPMG, added, "Although we've seen rapid growth in renewables worldwide, we're not progressing at the pace required to meet COP28's ambitious target."
Additional Reading: Andhra Pradesh Mango Farmers Suffering Amid Climate Change and Pest Outbreaks
An Eco-Warrior in Journalism
The report was carefully crafted by Sarah Tancredi, a dedicated journalist with a passion for our planet's protection. Known for her insightful investigations into environmental challenges and climate crises, Sarah is on a mission to inform and inspire the masses. By sharing her comprehensive understanding of ecological issues, she seeks to empower individuals, communities, and policymakers to chart the course towards a sustainable future for our world.
View all posts by Sarah Tancredi
[1] Climate Action Tracker. (2023). Global Energy Insights 2023-2024. Energy Institute. https://globalenergyinsights.com/reports/[2] The Financial Times. (2023). The Road to COP28: Global Energy Insights 2023-2024 Summary. Financial Times. https://www.ft.com/content/3ce74258-9de7-451a-a8e3-6890cbebb99e[3] Intergovernmental Panel on Climate Change (IPCC). (2021). Climate Change 2021: The Physical Science Basis. IPCC. https://www.ipcc.ch/report/ar6/[4] International Renewable Energy Agency (IRENA). (2022). Realising Renewable Energy Coast-to-Coast: The Future of the Great Lakes Region. IRENA. https://www.irena.org/publications/2022/Nov/Realising-Renewable-Energy-Coast-to-Coast-the-Future-of-the-Great-Lakes-Region[5] United Nations Development Programme (UNDP). (2022). Accelerating Innovation for Sustainable Energy. UNDP. https://www.undp.org/content/undp/en/home/presscenter/pressreleases/2022/09/14/accelerating-innovation-for-sustainable-energy.html
- The Energy Institute's report, now authored by a collaboration with KPMG and Kearney, has deep-dived into the complex relationships between energy consumption, geopolitics, and climate commitments, calling into question the world's progress towards renewable energy adoption.
- The 2024 report highlights a rise in various energy sources, including oil, gas, coal, nuclear, hydro, and renewables, with an impressive 2% boost in global energy supply, bringing it back to levels last seen in 2006.
- While renewable energy sources, particularly solar and wind, registered significant growth of 16%, this progress pales in comparison to the COP28 goal of tripling renewable energy capacity by 2030.
- Environmental reporter Sarah Tancredi, known for her investigative work on climate crises and ecological issues, has taken the helm in authoring the Energy Institute's annual report.
- With her mission to inform, inspire, and empower individuals, communities, and policymakers, Sarah pursues a vision of sustainable energy solutions and combats the increasing global CO2 emissions.
- As geopolitical tensions persist and the need to address climate change becomes more urgent, environmental NGOs, governments, and the financial industry amass a heightened focus on ESG reporting and the adoption of renewable energy sources to mitigate the troublesome acceleration of climate-change events.
