Energy Institute Statistical Review: A Year of Record Highs in an Energy-Hungry World.
KPMG International is proud to have collaborated with the Energy Institute on the 73rd annual edition of Statistical Review of World Energy, a go-to source of energy data globally.
Key insights from the 2023 data:
- Global energy consumption has reached a record high, with coal and oil pushing fossil fuels and their emissions to record levels.
- Solar and wind have pushed global renewable generation to another record level.
- Dependence on fossil fuels in major advanced economies has peaked.
- Growth economies struggle to curb fossil fuel growth, but renewables accelerate in China.
Implications for the energy transition
There are positive trends on the renewables front. Capacity is doubling every three to five years. But progress is slow. The drop in energy demand at the height of the pandemic would need to happen year after year for the Paris targets to be met.
What can all this mean for businesses?
It’s time to deliver on net-zero commitments by focusing on:
1. Adoption of renewables: Renewable energy is increasingly commercially viable. Moving to renewable power contracts can help reduce costs and carbon emissions.
2. Supply chain resilience: Consider the risks from climate change on our physical landscape (due to flooding and heat) and diversifying energy supplies.
3. Energy efficiency: Harness innovation to embrace technologies such as hydrogen and carbon capture, and to measure progress against net-zero commitments.
Vitaly Yakovlev
Managing Partner
KPMG in Azerbaijan
