New record for fossil fuels in 2023, despite the growth of renewables

According to data from the Energy Institute, last year was the year that "burned" the most energy ever:both fossil and renewables are growing.

• In 2023, the absolute global record for energy consumption was recorded, with 2 percent more than the previous year.
• Renewable sources are on the rise, but despite this fossil fuels have reached a new world record.
• Europe is the most virtuous continent, but India and Africa are still too tied to traditional energy sources.

In 2023, global energy consumption broke an all-time record, with an increase of 2 percent compared to the previous year, reaching 620 exajoules.Where a joule, a unit of energy measurement, is equivalent to the power of one watt per second, while an exajoule is equal to a billion billion of joules.

And so, to meet all this demand, in the same year renewable sources grew enormously, but at the same time the use of fossil fuels reached a global record.What is on the one hand a sign of hope and on the other an alarm for sustainability is launched by the data published in the 73rd annual edition of the Statistical review of world energy of theEnergy Institute in collaboration with KPMG and Kearney.

Full of energy (fossil)

According to the report, fossil fuel consumption in 2023 grew by 1.5 percent, standing at 505 exajoules, with the coal growing by 1.6 percent and the oil by 2 percent, exceeding 100 million barrels for the first time.
Despite thewind and solar energy have helped push global renewable electricity production to record levels, accounting for 74 percent of all additional net electricity, fossil fuels still make up 81.5 percent of the overall energy mix.Here, if we want to be positive, we can read some good news, because this 81.5 represents a slight decrease compared to last year's 82 percent.

CO2 emissions from energy have exceeded for the first time 40 gigatons, with an increase of 2 percent.This situation poses a serious question about the global ability to mitigate the effects of climate change, as highlighted by the President of the Energy Institute, Juliet Davenport:“Energy is fundamental to human progress, but now it is also fundamental to our very survival:with a global temperature increase close to 1.5°C, 2023 was the warmest year since measurements began and the increasingly serious impacts of climate change were felt across all continents.2023 saw record fossil fuel consumption and record energy emissions, but also record renewable energy generation, driven by increasingly competitive wind and solar power."

Moreover, according to the same International Energy Agency, the increase in global demand for oil, gas and coal is destined to reach its peak by 2030, so 2023 may not yet be the last negative record, despite the fact that on paper the phasing out has already begun, the phase of progressive exit from the fossil.

The catch-up of developing countries

The report also highlights that developing countries in particular are increasing their use of coal, gas and oil.In India, fossil fuel consumption increased by 8 percent, accounting for nearly all of the growth in energy demand, with an 89 percent share of overall consumption.

In Africa, fossil fuels account for 90 percent of overall energy consumption, while renewable energy (excluding hydropower) accounts for only 6 percent of electricity:a paradox but only in theory, for a continent that is actually very rich in potential natural and renewable energy sources, but lacking in investments and infrastructure.According to lCEO of the Energy Institute, Nick Wayth “the progress of the transition is slow:in advanced economies we observe the first signs of a peak in demand for fossil fuels" or a partial slowdown, in contrast however "with the economies of the South of the world for which economic development and the improvement in the quality of life continue to drive the growth of fossil fuels”.

Virtuous Europe, but it is not enough 

As we have seen, in the overall weight of renewables, however, they have grown more than fossil fuels, which gives us hope:however, warn Simon Virley, vice president and head of energy and natural resources at KPM in the UK, “with CO2 emissions reaching record levels, it is time to redouble our efforts to reduce carbon emissions and provide finance and capacity to build more sources low-carbon energy sources in the global south, where demand is growing at a rapid pace."

More decisive and coordinated interventions to reduce dependence on fossil fuels and increase the adoption of renewable energy globally:This seems to be the recipe suggested by the Energy Institute report.With Europe which, despite a thousand controversies and about-faces on the various directives and laws discussed or promoted, like the latest Nature restoration law, continues to do its part:For the first time since the industrial revolution, fossil fuels have declined on our continent below 70 percent of primary energy consumption, driven by the decline in demand and the growth of renewable energy.Gas demand in Europe, in particular, continued to collapse afterward the large-scale invasion ofUkraine by Russia in 2022, which caused the collapse of pipeline imports in Europe.According to the report, the overall demand for gas is decreased by 7 percent in 2023, after a 13 percent decline the previous year.