Week 25: Surging Fossil Fuel Consumption and Russia's Nuclear Influence

Dear all,

It often feels futile to keep writing about this topic; the persistent negative news is disheartening and clashes with the hopeful, constructive narrative we desperately need. The facts are unyielding and stark, painting a bleak picture of our current trajectory. Despite the urgent need for change, meaningful progress has yet to begin.

Each year, the Statistical Review of World Energy delivers a comprehensive overview of the global energy market. This year’s report underscores the world’s insatiable demand for energy and the urgent need to accelerate decarbonization efforts. According to the report, fossil fuel consumption and emissions have reached unprecedented levels.

Last year, countries burned record amounts of oil and coal, pushing global fossil fuel consumption and emissions to all-time highs. Oil demand increased by 2.6 percent, exceeding 100 million barrels per day for the first time. Although the share of fossil fuels in the energy mix decreased slightly by half a percentage point, they still accounted for more than 81 percent of total energy consumption. Energy-related emissions rose by 2 percent in 2023, surpassing 40 gigatonnes of CO₂ equivalent for the first time, as reported by the Energy Institute’s Statistical Review of World Energy. “Today’s new data provides little encouragement in terms of global climate change mitigation,” said Nick Wayth, chief executive of EI. “Arguably, the transition has not even started.”