Statistical Review of World Energy

KPMG is proud to be working in association with the Energy Institute (EI)

16 July 2024

Discover the global energy landscape with KPMG professionals

KPMG, in collaboration with The Energy Institute (EI), proudly presents the 73rd annual edition of the Statistical Review of World Energy. Explore wide-ranging global energy data for 2023, a year marked by unprecedented highs and transformative shifts.

On 20 June, Simon Virley CB FEI, KPMG in the UK’s Vice Chair and Head of Energy and Natural Resources, joined a discussion as part of the live launch event for the report. The panelists had a thought-provoking discussion on the latest trends in energy production, consumption and emissions from the prior year.

You can now download the 2024 Statistical Review of World Energy and watch the session on demand by clicking below.

Download the report and watch the launch webcast here ⤓

This comprehensive report allows us to put our energy transition efforts into perspective. While we saw record energy consumption and record emissions on a global scale, we notice that primary energy consumption is declining in Europe by 2%. This decline is even more pronounced for Belgium, with a decrease of 7,5%. It is important to remain attentive to the causes of this reduction and discern which part is linked to energy efficiency and which is linked to reduced economic activity.

Magali Vercammen

Key Insights from the 2024 Report:

Record-Breaking Energy Consumption and Emissions

1. Historic Energy Consumption:

Global primary energy consumption overall was at a record absolute high, up 2% on the previous year to 620 Exajoules (EJ).

Emissions and Fossil Fuel Use: Despite a year of extraordinary growth in renewables, fossil fuel consumption and emissions reached new peaks.
Renewable Energy Surge: Competitive wind and solar power drove record renewable energy generation.

2. Regional Energy Dynamics

Advanced Economies:
- Peak Fossil Fuel Demand? Europe saw fossil fuel usage drop below 70% for the first time since the industrial revolution. The US saw a slight decline in fossil fuel consumption to just over 80% of its primary energy.
Growth Economies:
- Rising Carbon Intensity: Fossil fuel use is accelerating in India and many African nations, outpacing the growth of renewables.
- India's Coal Consumption: For the first time, India's coal use surpassed that of North America and Europe combined.
China's Energy Transition:
- Decreasing Fossil Fuel Proportion: The share of fossil fuels in China's primary energy mix has been decreasing since 2011, though absolute consumption remains high.
- Renewable Energy Growth: Global primary energy consumption overall was at a record absolute high, up 2% on the previous year to 620 Exajoules (EJ).

3. Critical Metals and Minerals for the Energy Transition

Copper and Battery Minerals:
- Steady Growth: Copper production has grown at just under 2% annually over the past decade.
- Battery Technology Minerals: Minerals essential for batteries, like lithium and graphite, continue to see robust growth.
China's Dominance:
- Leading Producer and Consumer: China leads in the production and consumption of refined cobalt, vital for lithium-ion batteries, and supplies significant portions of the world's lithium and graphite.