Renewables Growth Did Not Dent Fossil Fuel Dominance In 2022, Report Says

Fossil fuels continue to dominate the global energy market. According to the industry's Statistical Review of World Energy report, global energy demand rose 1% last year, but fossil fuels still accounted for 82% of supply. Reuters reports: The stubborn lead of oil, gas and coal products in covering most energy demand cemented itself in 2022 despite the largest ever increase in renewables capacity at a combined 266 gigawatts, with solar leading wind power growth, the report said. "Despite further strong growth in wind and solar in the power sector, overall global energy-related greenhouse gas emissions increased again," said the president of the UK-based global industry body Energy Institute, Juliet Davenport. "We are still heading in the opposite direction to that required by the Paris Agreement." The annual report, a benchmark for the industry, was published for the first time by the Energy Institute together with consultancies KPMG and Kearny after they took it over from BP (BP.L), which had authored the report since the 1950s. Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to have any hope of meeting the international Paris Agreement goal of keeping warming well below 2C above pre-industrial levels. You can view some highlights from the report here.

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