Global greenhouse gas emissions hit new highs in 2022 despite growth in renewables: Report

As per a comprehensive review of global energy data conducted by the Energy Institute, greenhouse gas emissions from the energy industry reached new highs in 2022, despite record growth in wind and solar power.

Fossil fuel consumption in 2022

The report by the Energy Institute was published in partnership with KPMG and the consultancy Kearney. It revealed that fossil fuels accounted for 82 per cent of the world's total energy consumption and that this caused a 0.8 per cent spike in greenhouse gas emissions as overall energy usage rose.

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As per the report, the continued growth in global energy consumption is expected to increase further, which it says could result in higher emissions following the lifting of Covid travel restrictions in China.

Energy Institute's president Juliet Davenport said that "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."

Increased demand for non-renewable energy sources

Global oil demand rose by 2.9 million barrels per day in 2022, reaching an average of 97.3 million bpd, driven in part by the resumption of global economic activity after the Covid pandemic.

Coal demand also increased by 0.6 per cent, driven by India and China, reaching levels not seen since 2014.

Renewable energy

Although renewable energy sources, excluding hydropower, met 7.5 per cent of the world's energy demand in 2022 — which is a 1 per cent increase from the previous year — the rise was overshadowed by a modest 1.1 increase in global energy consumption. This led to a greater reliance on oil and coal to meet the demand.

In 2022, solar energy output increased by 25 per cent. Compared to the previous year, wind power output also grew by 13.5 per cent.

Simon Virley, the head of energy and natural resources at KPMG, emphasised that despite the growth in renewables, the share of energy derived from fossil fuels remains struck at 82 per cent.

"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."

Paris climate targets

The report warns that without urgent action, high energy-related emissions could undermine the goals of the Paris climate agreement, which aims to reduce emissions by half by the end of the decade to prevent severe global heating.

The Energy Institute's report highlights the importance of urgent action by global governments to align with the Paris targets.

Richard Forrest, the head of global sustainability at Kearney, said that the rise in greenhouse gas emissions reinforced the need for "urgent action to get the world on track to meet the Paris targets". He remarked that the need to deliver clean, affordable and secure energy "has never been greater".

(With inputs from agencies)

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