Global energy demand surged to a record high last year, rising by 2%, according to the Energy Institute’s annual report. Wind and solar power grew by a combined 16%, an impressive pace, nearly nine times faster than the overall demand. But despite the rapid growth of renewables, fossil fuel use also increased slightly, contributing to a fourth consecutive year of record-high CO₂ emissions.
The report highlights a growing concern: renewables, while expanding, are being added on top of fossil fuels rather than replacing them. With electrification accelerating in emerging economies, global consumption continues to climb.
Meanwhile, Europe’s renewable progress is slowing due to high interest rates and supply chain issues, while countries like China are driving clean energy growth on a much larger scale.