Annual benchmark global energy report shows fossil fuels continued to dominate in 2024

The latest data on global energy consumption and energy sources shows that proponents of net-zero emissions by 2050 may want to reconsider the feasibility of their goals. 

The Energy Institute on Thursday released its latest version of the “Statistical Review of World Energy." In 2024, oil, natural gas and coal made up 86.6% of the total global energy consumption, according to the report. Wind, solar, geothermal, biomass and other renewable sources, not including hydroelectric, accounted for 5.5% of the total global energy consumed.

Clean energy future

The report is considered a benchmark source for data on energy trends around the globe. It was originally produced by BP, but three years ago, the British energy company passed off the task to the Energy Institute, a United Kingdom-based energy nonprofit that advocates for a transition away from fossil fuels. 

Media reports claiming that the world is transitioning away from fossil fuels regularly cite the institute’s report to bolster their claims, such as a 2023 New York Times article, “The Clean Energy Future Is Arriving Faster Than You Think.” 

The article provides multiple data points, including some from previous versions of the “Statistical Review,” showing that the amount of renewable energy is growing – and making only one passing mention that fossil fuels remain the dominant energy source for the U.S. and the rest of the world.

“Wind and solar power are breaking records, and renewables are now expected to overtake coal by 2025 as the world’s largest source of electricity,” the Times reporters write. 

Despite their promises that renewables will overtake coal in 2025, the latest “Statistical Review” shows that five times more energy was derived from coal than from all renewable sources combined in 2024. The global demand for coal also reached a record high. 

The report also notes that global emissions from energy grew 1% in 2024, setting record levels for the fourth consecutive year, and total energy demand grew by 2%. This despite trillions spent pursuing net-zero emissions. 

Last year’s report used a different methodology in its calculations of energy supply and demand, but it estimated fossil fuels to be 81.5% of total primary energy. Primary energy is energy in its rawest form, which can then be used to produce other energy forms. For example, coal is a primary energy source that can be used to create electricity. 

Energy coexistence

The goal of net-zero emissions by 2050, according to its proponents, is to limit global warming to 1.5 degrees Celsius above pre-industrial levels, and the Energy Institute report notes that this limit has likely already been exceeded. 

Produced by a climate advocacy group, the report’s foreword begins with claims that weather is becoming more extreme, which it says “underscore the need for urgent action.” Scientists continue to debate the degree to which carbon dioxide emissions are contributing to trends in extreme weather, and deaths from climate-related natural disasters are at historic lows. 

Despite the uncertainty and ongoing debate as to the necessity of rapidly decarbonizing energy, in its latest report, the Energy Institute conceded that fossil fuels are not on their way out. Pointing out China’s rapid growth of renewables alongside a rapid growth in coal-fired power plants, the report states that China’s energy duality “exemplifies the broader global picture.” 

“Rapid advances in clean energy coexist with ongoing fossil fuel dependencies, with coal, oil and gas, as well as renewables, all reaching record highs,” the foreword acknowledges.

In total, the world consumed 592 exajoules of primary energy in 2024. A joule is roughly the amount of energy needed to lift a stick of butter 39 inches high. One hundred joules delivered for 1 hour can power a 100-watt light bulb for one hour. And 592 exajoules is 592 million trillion, or 592 followed by 18 zeroes. 

Of that 592 exajoules in 2024, 199 exajoules came from oil, 165 exajoules came from coal, and 149 came from natural gas. Wind, solar, geothermal, biomass and other renewable sources, not including hydroelectric, accounted for 33 exajoules. Nuclear met 31 exajoules of global demand last year, followed by hydroelectric, which provided 16 exajoules. 

Oil

Oil remained the largest source of energy, according to the report, meeting 34% of the total global demand in 2024. Total demand increased by 0.7% last year, passing 101 million barrels a day for the first time in human history. 

Oil consumption collapsed briefly during the pandemic in 2020, but rebounded by 2022. Following the rebound, according to the report, all regions of the world showed a slowing down or flattening of oil demand last year. 

Demand remained flat in the developed member countries of the Organization for Economic Co-operation and Development (OECD), at 45 million barrels a day, while it grew by 0.7 million barrels a day in non-OECD countries. Africa’s oil demand increased 2.5% in 2024, and Middle East countries increased their demand by 1.6%. China’s demand dropped 1.2% in 2024. 

Global oil production rose 0.6%, with non-OPEC countries driving that growth. The U.S. was the leading producer in the world, and its output nearly matched that of Saudi Arabia and Russia combined, the report noted.

Natural gas

Global natural gas demand grew in 2024, increasing by 2.5%. As a share of total fossil fuels, it accounted for 29% of total demand. With the exception of Africa, all regions of the world saw increases in demand for natural gas. 

Total gas production increased globally by 1.2%. The four largest producers were the U.S., Russia, Iran and China, which combined accounted for 57% of the world’s total production. Production in Europe continued to decline, falling by 3.4%. The U.S. alone accounts for 25% of global natural gas production, and 22% of its total consumption. 

Total liquified natural gas trade remained steady, according to the report, and the U.S. maintained its position as the largest exporter. 

Coal

The globe consumed record-high amounts of coal in 2024, and 67% of the demand was from China. Of the 165 exajoules of coal the world consumed, 83% was centered in the Asia-Pacific region. 

“Despite continuing record levels of investment in renewables, coal still dominates China’s electricity sector, generating 58% of its output in 2024,” the report states. 

India’s demand for coal increased 4%, and the total amount of coal the country consumed was equal to that of South America, Central America, North America, Europe, and the Commonwealth of Independent States – which includes Russia and 11 other republics that were formerly part of the Soviet Union – combined. 

European coal consumption in 2024 fell by 7%, which was the first time that coal consumption in Europe fell beneath that of nuclear power. Coal demand across OECD countries has been in decline since 2007, and in 2024 it fell by another 4%, which was an increase over the average 3% decline of previous years. 

Everything else

The total energy consumed by wind and solar increased by 16% in 2024, with more than half of that occurring in China. The share of global generation from wind and solar rose from 13% to 15% between 2023 and 2024. Over the past decade, the report notes, there’s been a four-fold increase in the output of wind and solar, with wind responsible for 55% of the total. 

Nuclear energy increased 3% to meet just over 5% of total global demand. According to the report, 66% of the increase was in France and Japan, which restarted idle plants in 2024. 

Hydroelectric saw its biggest increase since 2010 due to China’s Three Gorges Dam reaching full capacity. Altogether, hydroelectric accounted for 14% of global electricity generation in 2024. 

Carbon-free energy sources, including nuclear, accounted for nearly 14% of the total energy supply in 2024, according to the report. It’s hard to predict how energy technologies might evolve in the coming years, and it’s hard to predict how high energy demand will go. But the report shows that the goal of net-zero emissions is likely many decades away.