Global wind and solar power generation grew by 16% in 2024, outpacing total energy demand by a factor of nine, according to the Energy Institute’s annual Statistical Review of World Energy, released on Thursday. However, fossil fuel consumption also edged higher, highlighting the complexity of the global energy transition.
The review, compiled in partnership with Kearney and KPMG, provides a comprehensive overview of energy production and consumption trends worldwide. It found that overall energy demand rose 2% to a record 592 exajoules (EJ), with coal, oil, gas, renewables, hydro, and nuclear sources all reaching new highs in absolute output.
“Electrification is accelerating, but fossil fuels met 60% of demand growth,” said Energy Institute president Andy Brown. He added that this dynamic contributed to “a fourth consecutive year of record emissions.”
While renewables expanded rapidly, the review cautioned that they are largely augmenting, rather than replacing, fossil fuels. Fossil fuel use grew just over 1% during the year.
China accounted for 57% of new wind and solar capacity, with solar generation nearly doubling over the past two years. “No country has shaped this outcome more than China,” said Energy Institute chief executive Nick Wayth.
Commenting on the policy environment, Romain Debarre, a partner at Kearney, said, “Energy security and technological sovereignty now trump climate goals.” He emphasized the need to move “from promises to action, at scale and at speed.”
KPMG partner Wafa Jafri noted regional disparities in renewable energy momentum, stating, “We are still not at the pace required.” She pointed to cost pressures slowing developments in Europe while emerging markets continue to advance.
The Energy Institute called for a coordinated global approach to secure, affordable, and low-carbon energy systems, underscoring the urgency of transitioning away from fossil fuels amid rising demand.
