The Energy Institute Statistical Review of World Energy is a broad and timely report of how the world consumed, produced, and traded energy in the prior year, and it's free to access.
Simon Virley CB FEI, Vice Chair and Head of Energy and Natural Resources, KPMG in the UK caught up with Claire Lawrie, Head of Strategy for Energy and Natural Resources at KPMG in the UK and Nick Wayth CEO of the Energy Institute to discuss the key insights from the report.
One of the standout takeaways from the Statistical Review was around renewables, and last year we saw the largest growth to date. Accounting for 84% of net growth in power production, mostly driven by wind and solar. Whilst fossil fuels continued to dominate energy production, fulfilling 82% of the world’s demand, the growth in renewables suggests they may be displaced in future years.
The Statical Review of World Energy provides an opportunity to undergo an annual review of progress to date in the journey to Net Zero. Whilst no business can drive change on its own, the data reflects the changes they are making and what more can be done. Businesses are pivotal to driving innovation in the industry and helping to push forward the adoption of cost-effective renewable technologies.