· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:
🗞️ Driving the news: The Energy Institute's latest report reveals record highs in global fossil fuel consumption and emissions, highlighting the urgent need for accelerated decarbonization efforts
• Despite a slight decrease in the share of fossil fuels in the energy mix, overall demand continues to rise
🔭 The context: The annual Statistical Review of World Energy, now managed by the Energy Institute, shows that oil demand grew by 2.6%, surpassing 100 million barrels per day for the first time
• This data underscores the disparity between advanced economies, where fossil fuel demand has peaked, and developing regions like India and Africa, where consumption is still increasing
🌍 Why it matters for the planet: The continued reliance on fossil fuels and the uneven pace of the energy transition pose significant challenges to global climate change mitigation efforts
• The report calls for urgent action to align global energy consumption with climate goals
⏭️ What's next: The report suggests that advanced economies may continue reducing fossil fuel consumption, but significant efforts are needed to address the energy needs of developing regions without compromising climate goals
💬 One quote: “Today’s new data provides little encouragement in terms of global climate change mitigation,” said Nick Wayth, chief executive of the Energy Institute
📈 One stat: Fossil fuels still made up more than 81% of global energy consumption last year, despite a slight decline in their share of the energy mix
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