2022 was a year of disruption with the post-COVID recovery, geopolitical challenges and increased climate concerns impacting the global energy system. With continued volatility impacting the industry, it’s imperative that energy and natural resource organizations have a go-to source of energy data.
KPMG is proud to be working in association with the Energy Institute on the latest Statistical Review of World Energy. The Statistical Review compiles and analyses data on world energy production, consumption, and emissions from the prior year. It has been providing timely, broad-ranging, and objective data to the energy community since 1952. It is free for users to access.
On 26 June, Simon Virley CB FEI, Sector Head of Energy and Natural Resources and Vice-Chair, KPMG in the UK, joined a panel of professionals 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 watch the session on demand here.
Five interesting insights from the Statistical Review:
- Post-COVID, transport fuel demand patterns continued to return, but with major variations across geographies and fuel types.
- The Ukraine conflict precipitated record international gas prices and unprecedented shifts in global oil and gas trade flows.
- Record deployment of wind and solar in the power sector accounted for around 84% of net electricity growth.
- Global primary energy consumption grew by 1%, with the dominance of fossil fuels barely dented at 82%.
- Global energy-related emissions continued to grow, up 0.8%, with use of higher carbon fuels negating strong growth in renewables.
The EI Statistical Review is essential reading for policymakers around the world trying to balance the energy trilemma. All aspects of the trilemma were put under severe strain in 2022. Despite record growth in renewables, the share of world energy still coming from fossil fuels remains stubbornly stuck at 82%, which should act as a clarion call for governments to inject more urgency into the energy transition.
The data contained within the Statistical Review sheds light on a remarkable year in energy, where three interconnected crisis – supply, price, and climate – unfolded in tandem. The review points to the need for urgent actions on part of all stakeholders to bend the global temperature curve through demand side initiatives to reduce energy consumption and supply side interventions to scale up low carbon resources.