In 2023, the world broke another unwelcome record. For the fourth year running, global carbon emissions from energy use hit a new peak—even as renewable energy reached unprecedented levels of growth. The latest report from the Energy Institute, released Thursday, paints a mixed picture of energy progress.
It was a year marked by extremes: not only was 2023 the hottest year in recorded history, with temperatures surpassing 1.5°C above pre-industrial levels, but it was also a year when every form of energy saw growth. According to the report, total energy supply rose 2%, with fossil fuels, nuclear, hydro, and renewables all contributing to the increase.
This expansion drove a 1% rise in carbon dioxide emissions, taking the total to a record 40.8 gigatonnes. Natural gas saw the largest increase among fossil fuels, up 2.5%, followed by coal at 1.2%. Oil also grew modestly, while coal maintained its position as the dominant energy source globally.
Yet, not all news was grim. Wind and solar energy expanded at a robust pace, growing 16%—nine times faster than the total energy demand. However, analysts caution that even this rapid growth isn’t enough to meet climate targets.
Since BP handed over authorship of the report, the Energy Institute—alongside global consultancies KPMG and Kearney—has been tracking trends in energy production and consumption. Their findings echo growing concerns that the global energy transition is not happening at the necessary speed.
Commenting on the findings, Wafa Jafri of KPMG said, “COP28 gave us a bold mandate—to triple renewables by 2030—but the pace of progress remains too slow.” Romain Debarre of Kearney added that rising geopolitical tensions in regions like Ukraine and the Middle East have reshaped energy flows and delayed progress.
With nations having pledged at COP28 to transition away from fossil fuels and reach net-zero emissions by 2050, the urgency of global action has never been clearer. The challenge now lies in turning commitments into meaningful, measurable outcomes.