Global Energy Trends 2024

📐Methodology

Based on Enerdata’s updated data on climate, energy and CO2 emissions, this report presents:

  1. The evolution in 2023 of key figures and trends by energy type for the G20 countries
  2. Progress towards the COP28 target of tripling renewable energy and doubling energy efficiency improvements
  3. Perspectives on long-term decarbonisation pathways

🔎 Key Takeaways

Key figures for the G20 countries in 2023 :

  • Economic growth has returned to the average trend observed between 2010 and 2019, but energy consumption is rising faster – the G20 has not decoupled energy consumption from economic growth, and has not reduced energy intensity sufficiently to stay on a +2°C trajectory.
  • Nevertheless, trends by country vary according to GDP, economic structure and electricity mix. Significant variations have been observed between OECD and non-OECD countries.
  • The share of fossil fuels in the G20 energy mix has remained unchanged, with coal and oil consumption continuing to rise, driven by countries such as China and India.
  • The share of renewable energies in the energy and electricity mix rose only slightly, despite an increase in wind and solar power production (Figure 1). As a result, CO2 emissions rose by 1.7%.

Global renewables and energy efficiency pledge:

  • New renewable installations reached record levels. Wind and solar generation grew rapidly (+10% and +25%, respectively) by 2023, reaching 15% of the G20 electricity mix.
  • China installed as much renewable generation capacity in 2023 as the entire world did in 2022.
  • Nationally Determined Contributions (NDCs) are not enough to achieve the 2030 climate targets, even though these targets, set by COP 28, are in line with the 2°C warming objective.