Despite unprecedented clean energy growth, it’s still a fossil fuel world

Senior Science and Economics Correspondent

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<header><h1>Despite unprecedented clean energy growth, it’s still a fossil fuel world</h1><a href="" rel="author"></a><span class="title"></span><time rel="pubdate" datetime="2024-06-26T00:00:00-04:00">Jun 26</time></header><p>The percentage of energy the world is getting from fossil fuels has been decreasing gradually over the last half a century or so.</p><p>And yet.</p><p>The total quantity of fossil fuels being consumed across most of the globe keeps marching higher.</p><figure class="flourish-wrapper"><div class="flourish-embed flourish-scatter" data-src="visualisation/18513230"><script src="https://public.flourish.studio/resources/embed.js"></script></div><figcaption>Source: <a class="PrimaryLink BaseLink" href="https://www.energyinst.org/statistical-review" target="_blank" rel="noreferrer noopener">Energy Institute Statistical Review of World Energy 2024</a>, <a class="PrimaryLink BaseLink" href="https://privatebank.jpmorgan.com/nam/en/insights/latest-and-featured/eotm/annual-energy-paper" target="_blank" rel="noreferrer noopener">J.P. Morgan Asset and Wealth Management</a> • BTUs = British thermal units.</figcaption></figure><p>These two data sets, <span class="TextRun SCXW59591271 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW59591271 BCX0">shown</span><span class="NormalTextRun SCXW59591271 BCX0"> </span><span class="NormalTextRun SCXW59591271 BCX0">in two charts above</span></span>, demonstrate the stark challenge of moving away from greenhouse gas-emitting energy sources at the same time that demand for energy keeps going up: “What’s falling is the <em>share</em> of primary energy from fossil fuels, not their <em>level</em>,” writes Michael Cembalest, chairman of market and investment strategy for J.P. Morgan Asset and Wealth Management, in his <a href="https://privatebank.jpmorgan.com/nam/en/insights/latest-and-featured/eotm/annual-energy-paper" target="_blank" rel="noopener">14th annual paper</a> on the energy markets, published in March.</p><p>The charts are based on J.P. Morgan&#8217;s updated analysis of Energy Institute <a href="https://www.energyinst.org/statistical-review" target="_blank" rel="noopener">data</a> released last week.</p><p>To be sure, clean energy has been growing rapidly and non-profit energy think tank RMI <a href="https://rmi.org/wp-content/uploads/dlm_uploads/2024/06/RMI_cleantech_revolution.pdf" target="_blank" rel="noopener">projects</a> such technologies, like wind and solar, will ultimately undercut fossil fuels due to dropping costs.</p><p>It’s a testament to the exponential growth of renewables that fossil fuels’ <em>share </em>of global energy consumption has not risen in recent decades even as the demand for energy around the globe has continued to climb.</p><p>The energy transition is also happening at different paces in different parts of the world.</p><p>“The progress of the transition is slow, but the big picture masks diverse energy stories playing out across different geographies,” CEO of the Energy Institute Nick Wayth said in a written statement <a href="https://www.energyinst.org/exploring-energy/resources/news-centre/media-releases/a-year-of-record-highs-in-an-energy-hungry-world,-reveals-ei-statistical-review" target="_blank" rel="noopener">published</a> last week alongside the organization’s annual energy <a href="https://www.energyinst.org/statistical-review" target="_blank" rel="noopener">review</a>. In wealthier economies, fossil fuel consumption may be slowing, whereas use of these fuels continues to grow in low- and middle-income economies.</p>
Despite unprecedented clean energy growth, it’s still a fossil fuel world

by  - 

June 26, 2024


The percentage of energy the world is getting from fossil fuels has been decreasing gradually over the last half a century or so.
And yet.
The total quantity of fossil fuels being consumed across most of the globe keeps marching higher.
Source: Energy Institute Statistical Review of World Energy 2024, J.P. Morgan Asset and Wealth Management • BTUs = British thermal units.
These two data sets, shown in two charts above, demonstrate the stark challenge of moving away from greenhouse gas-emitting energy sources at the same time that demand for energy keeps going up: “What’s falling is the share of primary energy from fossil fuels, not their level,” writes Michael Cembalest, chairman of market and investment strategy for J.P. Morgan Asset and Wealth Management, in his 14th annual paper on the energy markets, published in March.
The charts are based on J.P. Morgan’s updated analysis of Energy Institute data released last week.
To be sure, clean energy has been growing rapidly and non-profit energy think tank RMI projects such technologies, like wind and solar, will ultimately undercut fossil fuels due to dropping costs.
It’s a testament to the exponential growth of renewables that fossil fuels’ share of global energy consumption has not risen in recent decades even as the demand for energy around the globe has continued to climb.
The energy transition is also happening at different paces in different parts of the world.
“The progress of the transition is slow, but the big picture masks diverse energy stories playing out across different geographies,” CEO of the Energy Institute Nick Wayth said in a written statement published last week alongside the organization’s annual energy review. In wealthier economies, fossil fuel consumption may be slowing, whereas use of these fuels continues to grow in low- and middle-income economies.