{"id":27385,"date":"2023-06-25T20:51:24","date_gmt":"2023-06-26T00:51:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/renewables-growth-did-not-dent-fossil-fuel-dominance-in-2022-report-says\/"},"modified":"2023-06-25T20:51:25","modified_gmt":"2023-06-26T00:51:25","slug":"renewables-growth-did-not-dent-fossil-fuel-dominance-in-2022-report-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27385","title":{"rendered":"Renewables growth did not dent fossil fuel dominance in 2022, report says"},"content":{"rendered":"
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LONDON (Reuters) – Global energy demand rose 1% last year and record renewables growth did nothing to shift the dominance of fossil fuels, which still accounted for 82% of supply, the industry’s Statistical Review of World Energy report said on Monday.<\/p>\n

Last year was marked by turmoil in the energy markets after Russia’s invasion of Ukraine, which helped to boost gas and coal prices to record levels in Europe and Asia.<\/p>\n

The stubborn lead of oil, gas and coal products in covering most energy demand cemented itself in 2022 despite the largest ever increase in renewables capacity at a combined 266 gigawatts, with solar leading wind power growth, the report said.<\/p>\n

“Despite further strong growth in wind and solar in the power sector, overall global energy-related greenhouse gas emissions increased again,” said the president of the UK-based global industry body Energy Institute, Juliet Davenport.<\/p>\n

“We are still heading in the opposite direction to that required by the Paris Agreement.”<\/p>\n

The annual report, a benchmark for the industry, was published for the first time by the Energy Institute together with consultancies KPMG and Kearny after they took it over from BP (NYSE:), which had authored the report since the 1950s.<\/p>\n

Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to have any hope of meeting the international Paris Agreement goal of keeping warming well below 2C above pre-industrial levels.<\/p>\n

Here are some highlights from the report on 2022:<\/p>\n

CONSUMPTION * Global primary energy demand grew around 1%, slowing fromthe previous year’s 5.5%, but demand was still around 3% abovepre-coronavirus levels in 2019. * Energy consumption grew everywhere apart from Europe,including Eastern Europe. * Renewables, excluding hydropower, accounted for 7.5% ofglobal energy consumption, around 1% higher than the previousyear. * The share of fossil fuels in global energy consumptionremained at 82%. * Electricity generation was up 2.3%, slowing down from theprevious year. Wind and solar power grew to a record share of12% of power generation, again surpassing nuclear, which fell4.4%, and meeting 84% of net electricity demand growth. * Coal’s share in power generation remained dominant ataround 35.4%.<\/p>\n

OIL * Oil consumption increased by 2.9 million barrels per day(bpd) to 97.3 million bpd, with growth slowing compared with theprevious year. * Compared with pre-Covid levels in 2019, oil consumptionwas 0.7% lower. * Most oil demand growth came from revived appetite for jetfuel and diesel-related products. * Oil production grew by 3.8 million bpd, with the lion’sshare coming from OPEC members and the United States. Nigeriasaw the largest decline. * Oil refining capacity grew by 534,000 bpd, mainly innon-OECD countries.<\/p>\n

NATURAL GAS * Amid record prices in Europe and Asia, global gas demandfell 3% but still made up 24% of primary energy consumption,slightly below the previous year. * Gas production was stable year-on-year. * Liquefied (LNG) production was up 5% at 542billion cubic metres (bcm), a similar pace to the previous year,with most growth coming from North America and the Asia-Pacificregion. * Europe accounted for much of LNG demand growth, increasingits imports by 57%, while countries in the Asia-Pacific regionand South and Central America reduced purchases. * Japan replaced China as the world’s largest LNG importer.<\/p>\n

COAL * Coal prices hit record levels, rising 145% in Europe and45% in Japan. * Coal consumption rose 0.6%, its highest level since 2014,driven mainly by Chinese and Indian demand, while consumption inNorth America and Europe declined. * Coal output was 7% higher than the previous year, withChina, India and Indonesia accounting for most of the growth.<\/p>\n

RENEWABLES * Growth in renewable power, excluding hydro-power, sloweddown slightly to 14% but solar and wind capacity still showed arecord increase of 266 gigawatts, with solar taking the lion’sshare. * China added the most solar and wind power.<\/p>\n

EMISSIONS * Global energy-related emissions, including industrialprocesses and flaring, were up 0.8% reaching a new high of 39.3billion tonnes of CO2 equivalent.MINERALS * Lithium carbonate prices jumped 335%. Cobalt prices wereup 24%. * Lithium and cobalt production rose 21%.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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