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Global Energy Trends

Enerdata has released its annual Global Energy Trends 2024 report, an exclusive analysis based on first-released 2023 consolidated statistics on energy and CO2 emissions, crafted by our experts, leveraging our unique databases.




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Are we on track to hit the 2030 goals for renewables and energy efficiency?

What were the contingent impacts of China’s economic rebound after its 2022 recession? How has the Ukraine war affected global markets since 2023?

Progress made towards COP28 goals: are renewables expanding at a sufficient rate, and is efficiency improving at the required pace? And the long-term challenge: can renewable capacity truly be tripled, and energy efficiency be doubled by 2030? At what costs?

2022 vs 2023 comparison of key energy and climate figures for G20 countries

G20 countries account for 80% of global energy consumption

Figures in orange: data for 2023

Figures in blue: data for 2022

 

+3%

+3.2%

 

Return of economic growth to historical trend

At purchasing power parity

2010-19: +3.4%

 

+2.3%

+1.2%

11.8 Gtoe

Fastest growth of energy consumption than historical pace

2010-19: +1.3%

 

+1.7%

+1.4%

30.1 GtCO2

Sustained growth in CO2 emissions*

2010-19: +1.2%

*CO2 emissions from energy combustion (> 80% of CO2 emissions)

Key Takeaways:

In 2023, economic growth returned to its average trend from 2010 to 2019, but energy consumption increased more rapidly than this historical trend. The G20 failed to decouple energy consumption from economic growth and did not reduce energy intensity sufficiently to align with the 2°C pathway. These trends vary across countries based on their GDP, the structure of their economy and changes in energy mix. 

Despite increased wind and solar power generation, the share of renewables in energy and power mixes grew only slightly and consequently the CO2 emissions rose by 1.7%. The carbon factor reduction pace remains insufficient to meet the 2°C target.

Carbon factor evolution in G20 countries

Carbon factor evolution in G20 countries

Source: Enerdata, Global Energy & CO2 Data

Energy consumption grew at a faster rate compared to the 2010-2019 period, with significant variations observed between OECD and non-OECD countries The proportion of fossil fuels in the G20 energy mix remained unchanged, as coal and oil consumption continued to increase, spurred by non-OECD countries such as China and India alongside recovery in the transport sector. Owing to still high prices, lower-CO2 emitting natural gas consumption increased marginally. 

Trends in Oil Consumption in G20 Countries (%/year)

Trends in Oil Consumption in G20 Countries

Source: Enerdata, Global Energy & CO2 Data

The global renewables and energy efficiency pledge

Renewable power generation is gaining momentum. New renewable installations reached record high levels, thanks to China, which installed as much renewable capacity in 2023 as the entire world did in 2022. Overall, wind and solar generation rose rapidly (+10% and +25%, respectively) to reach 15% of the G20 power mix.

China, leader in the development of renewable power capacities

china, leader in the development of renewable power capacities

Source: Enerdata, Global Energy & CO2 Data

Key Takeaways:

  • The 2030 climate objectives set forth by COP28 align with the Paris Agreement goal to maintain the global temperature increase well below 2°C, as illustrated by EnerGreen. 
  • However, the Nationally Determined Contributions (NDCs) are not sufficient to reach the 2030 climate objectives.
  • Renewables and energy efficiency are not the only levers to contribute to global climate ambition in EnerGreen, and the role of electrification and sufficiency should not be understated. Sufficiency also helps to limit reliance on new technologies with uncertainties regarding maturity.

Global Renewable Power Capacity

global renewable power capacity

Source : Enerdata, EnerFuture

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