Port Harcourt — Despite record growth in wind and solar energy, global fossil fuel consumption also climbed in 2024, driven by surging energy demand, according to the Energy Institute’s 74th Statistical Review of World Energy released on Wednesday.
Wind and solar expanded by a staggering 16% last year, growing nine times faster than total energy demand, yet fossil fuel use still rose just over 1%, underscoring a paradox: clean energy is booming, but not fast enough to offset the world’s insatiable appetite for power.
“This year’s data reflects a complex picture of the global energy transition,” said Andy Brown, President of the Energy Institute.
“Electrification is accelerating, particularly in developing economies. However, the pace of renewable deployment continues to be outstripped by overall demand growth, 60% of which was met by fossil fuels.”
Global energy demand hit an all-time high of 592 exajoules, a 2% increase over 2023, while electricity demand surged 4%, outpacing total demand and reinforcing the idea that the “age of electricity” is rapidly taking shape.
“All major energy sources, including nuclear and hydro, hit record consumption levels for the first time since 2006,” said Dr. Nick Wayth CEO of the Energy Institute.
“No country has shaped this outcome more than China. Its rapid expansion of renewable capacity, alongside continued reliance on coal, gas, and oil, is driving global energy trends,” he said.
China accounted for 57% of new renewable energy additions, with its solar capacity nearly doubling in two years. Still, its fossil fuel use remains high, making the country a key determinant in whether the global energy system can pivot toward sustainability.
Meanwhile, India’s coal demand rose by 4%, now equalling the combined coal use of the CIS, North America, Europe, and Latin America, illustrating the steep uphill climb in decarbonizing developing economies.
While OECD oil demand remained flat, non-OECD consumption rose 1%, with growth concentrated in Asia and Africa. Interestingly, Chinese oil demand fell by 1.2%, potentially signaling a peak reached in 2023. Natural gas demand globally rebounded by 2.5% following a slump in 2023.
The report also confirmed a grim milestone; global CO₂-equivalent emissions from energy rose by 1%, marking the fourth consecutive year of record-high emissions, even as global average temperatures consistently exceeded the 1.5°C warming threshold.
“We are witnessing the real dangers of regional differences and the cost of inaction in real time,” said Dr. Romain Debarre, Managing Director of the Energy Transition Institute at Kearney.
“Record-high GHG emissions and soaring temperatures in 2024 are a deafening wake-up call. The transition remains chaotic. We have the strategies, technologies, and know-how to deliver, but now we must move from promises to action, at scale and speed.”
According to Wafa Jafri, Energy Strategy Partner at KPMG UK, efforts to meet climate goals set at COP28, including the goal to triple global renewables by 2030 are falling behind.
“Progress is proving uneven. Despite rapid growth globally, we are not at the pace required. Europe is facing a reality check with high interest rates and supply chain challenges, while China and emerging markets continue to drive growth. What’s emerging is not a uniform transition, but a disorderly one,” Jafri warned.
The findings reflect a stark reality, even as renewable energy scales at record speed, it is largely adding to, rather than replacing, fossil fuels, complicating the path toward a coordinated and effective global energy transition.
