• Friday, June 21, 2024
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Record renewables growth fails to reduce global fossil fuel share

Record renewables growth fails to reduce global fossil fuel share

Despite volatile energy markets and worries about energy security, record-high increases in solar and wind installations in 2022 failed to reduce the massive 82 percent share of fossil fuels in global energy consumption, according to the annual Statistical Review of World Energy released on Monday.

In addition, despite record growth in global solar and wind capacity additions last year, emissions rose to a new record high, according to the report, published by the Energy Institute (EI) and partners KPMG and Kearney.

This development has put the world further off track to meeting the Paris Agreement targets.

The latest report showed that primary energy demand growth slowed in 2022, increasing by 1.1 percent, compared to 5.5 percent growth in 2021, and taking it to around 3 percent above the 2019 pre-COVID level.

Read also: Our path to a sustainable energy transition

“Despite record growth in renewables, the share of world energy still coming from fossil fuels remains stubbornly stuck at 82 percent, which should act as a clarion call for governments to inject more urgency into the energy transition,” said Simon Virley, Vice Chair and Head of Energy and Natural Resources at KPMG in the UK.

Solar and wind capacity continued to surge, with a record increase of 266 gigawatts (GW) last year. Solar accounted for 72 percent, or 192 GW, of those capacity additions.

last year, as energy demand grew by 1.1 percent, global energy-related emissions continued to grow, and rose by 0.8 percent year-on-year, despite strong growth in renewables.

Juliet Davenport, president of EI, said: “Despite further strong growth in wind and solar in the power sector, overall global energy-related greenhouse gas emissions increased again. We are still heading in the opposite direction to that required by the Paris Agreement.”