Despite intensive and sustained investment in the renewable energy by world leaders and commitment by international organizations to green projects, global appetite for fossil fuel is still growing.
The latest annual ‘Statistical Review of World Energy Record’ showed that increases in solar and wind installations in 2022 failed to reduce the 82% share of fossil fuels in global energy consumption amid turbulent energy markets and energy security concerns, has shown.
Also, the report reflected that despite the record growth of global solar and wind capacity additions last year, emissions rose again, to a new record high, and further put the world off track to the Paris Agreement targets.
According to the report published by the Energy Institute (EI) and partners KPMG and Kearney, the primary energy demand growth slowed in 2022, increasing by 1.1 per cent, compared to 5.5%growth in 2021, and taking it to around 3 per cent above the 2019 pre-COVID level.
In addition, the report indicated that solar and wind capacity continued to surge, for a record increase of 266 gigawatts (GW) last year. Solar accounted for 72% or 192 GW, of those capacity additions.
Despite the record rise in renewable energy, fossil fuels still account for 82% of global energy consumption.
In his remarks, Vice Chair and Head of Energy and Natural Resources, KPMG in the UK, Simon Virley, said: “Despite record growth in renewables, the share of world energy still coming from fossil fuels remains stubbornly stuck at 82 per cent, which should act as a clarion call for governments to inject more urgency into the energy transition.”
As energy demand grew by 1.1 per cent last year, global energy-related emissions continued to grow, and rose by 0.8 per cent year-on-year, despite strong growth in renewables.
Commenting on the report’s findings, EI President, Juliet Davenport, 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”, Davenport added.
