Energy Institute Statistical Review of World Energy 2024

A Year of Record Highs in an Energy-Hungry World: Energy Institute Statistical Review

Discover the global energy landscape with KPMG professionals

Businesses need the reassurance and resilience that only a strong supplier risk management process enabled through technology can bring. The nature of the challenge is changing rapidly due to several factors in combination:

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Simon Virley

Vice Chair and Head of Energy and Natural Resources

KPMG in the UK

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Key Insights from the 2023 Energy Data:

Record-Breaking Energy Consumption and Emissions

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.

Regional Energy Dynamics

Advanced Economies:

Growth Economies:

China's Energy Transition:

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.

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.

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).

Critical Metals and Minerals for the Energy Transition

Copper and Battery Minerals:

China's Dominance:

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.

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.

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Stay ahead of the energy trends and navigate the complexities of the global energy market with KPMG professionals. Our insights and expertise can help you understand and adapt to the shifting energy landscape, ensuring your business is prepared for the future.

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