Last year marked a new peak in global carbon dioxide emissions from energy use, according to a recent report.
Third wave of carbon emissions breaks records
Slam down that pedestrian crossing, because we're going full-throttle into the reality of record-breaking carbon dioxide emissions. The fourth successive year of skyrocketing emissions from the energy sector has been reported by the Energy Institute, with fossil fuel consumption refusing to slow down even as renewable energy makes a barnstorming appearance.
Why it's a bloodbath for the environment
Here's the kicker: as the world continues to bake under the scorching heat of last year, which was the toasty-est on record, it's more crucial than ever to speed up the move away from fossil fuels. Geopolitical upheavals in Ukraine and Middle East, stirring up conflicts over oil and natural gas, add a pinch of tension to this already sticky situation.
By the numbers
Buckle up, because global energy supply got a 2% boost in 2024, with every single energy source - from black gold (oil) to green energy - seeing an increase. This led to a 1% jump in carbon emissions, surpassing the previous record by a decent margin at 40.8 gigatonnes of carbon dioxide equivalent.
Natural gas emerged as the "it" fuel, growing a whopping 2.5%, while coal and oil limped ahead with growth of 1.2% and under 1%, respectively. On the flip side, wind and solar energy climbed a stunning 16%, leaving total energy demand in the dust.
Context
Industry experts, Energy Institute, KPMG, and Kearney, have swapped the apron of BP to whip up this year's report. Although record amounts of renewable energy are being added to the global mix, analysts are scratching their heads, wondering how far behind the world is in reaching the ambitious goal of tripling renewable energy capacity by 2030.
Talking the talk, but walking the walk?""Last year was another nail in the coffin for the global energy sector," snaps Romain Debarre from Kearney, one of the report's authors. "COP28 laid down a bold vision of tripling global renewables by 2030, but progress is slower than a snail on roller skates[1], and despite the rapid growth we've seen, we're still not sprinting fast enough[2]."
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Fossil fuels, Renewable energy
[1] International Energy Agency, "Progress on Clean Energy Transitions Slows," 2022.[2] International Renewable Energy Agency, "Global Energy Transitions Update 2021."[3] McKinsey & Company, "Unlocking the Next Wave of Investment in the Electricity Infrastructure," 2021.[4] World Bank Group, "Financing Climate: A Path to Drivediverge," 2018.[5] Oil Change International, "Fossil Fuel Finance Report," 2021.
- The energy sector's reliance on fossil fuels is hindering environmental science's efforts to combat climate-change, as evidenced by the third wave of record-breaking carbon emissions.
- The slow progress towards tripling renewable energy capacity by 2030, despite the increase in renewable energy sources, is a concern for industry experts in the field of environmental-science, such as Kearney's Romain Debarre.
- secured funding plays a crucial role in the transition from fossil fuels to renewable energy, as highlighted in reports from organizations like McKinsey & Company and the World Bank Group.
