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Energy emissions hit record high on rising fossil fuel demand, says report

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: Greenhouse gas emissions from the energy sector hit a record high in 2023, surpassing 40 gigatonnes of CO₂ equivalent due to rising fossil fuel demand despite increased renewable energy generation, as reported by the Energy Institute

🔭 The context: Global primary energy use climbed 2% to a record 620 exajoules, with fossil fuels still constituting 81.5% of the energy mix
• While renewable electricity generation rose by 13%, it has not met the overall demand growth, particularly in high-growth countries like India

🌍 Why it matters for the planet: The slow transition to clean energy highlights the urgent need to reduce carbon emissions to meet global climate targets, especially with the recent commitments made at the COP28 conference

⏭️ What's next: Efforts must intensify to finance and develop low-carbon energy sources, especially in developing regions
• Signs of peak fossil fuel demand in Europe and the US may pave the way for significant reductions if trends continue

💬 One quote: "Clean energy is still not even meeting the entirety of demand growth... Arguably, the [energy] transition has not even started," said Nick Wayth, CEO of the Energy Institute

📈 One stat: Energy emissions increased by 2% in 2023, reaching over 40 gigatonnes of CO₂ equivalent for the first time

Click for more news covering the latest on energy transition

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