Like never before, investments in renewable energies are being made worldwide. Nevertheless, a large part of the energy demand is still covered by fossil fuels.
According to a study, the record growth in renewable energies has so far had no impact on the use of fossil fuels. Oil, gas and coal products’ 82 percent lead in meeting most energy demand cemented itself in 2022, despite the biggest increase yet in renewables totaling 266 gigawatts, according to the industry’s annual report released Monday to world energy.
Global energy demand rose by around one percent, slowing down from the previous year’s 5.5 percent, but still around three percent above the level before the corona pandemic in 2019. Energy consumption rose everywhere – except in Europe . Russia’s invasion of Ukraine last year caused turbulence on the energy markets: gas and coal prices rose to record levels.
Paris climate agreement will probably be missed
“Despite continued strong growth of wind and solar energy in the power sector, energy-related greenhouse gas emissions have continued to rise worldwide,” said Juliet Davenport, president of the UK- based global industry association Energy Institute, on the report. “We are still moving in the opposite direction from the Paris Agreement.”