The global energy sector is currently in a period of significant changes, while grappling with the deepening impacts of climate change and an increasingly complex energy transition. Leaders in this The sector must look “beyond the headlines and towards practical implementation, regional opportunities and strategies built for resilience, as all aspects of the energy trilemma – affordability, security of supply and decarbonisation – compete for priority.” The Energy Institute (EI), which has taken over the stewardship of the Statistical Review of World Energy from 2023, provides key data and expertise to inform energy decision-making and accelerating a just global energy transition towards net zero.

One of the main indicators of climate change is the volume of emissions. In 2024, global carbon dioxide emissions from energy combustion reached 320.7 million tonsIn addition, total global methane and flaring emissions were recorded at 2024 levels. 40,812.4 million tonnes of carbon dioxide equivalentThese figures underline the urgent need for effective decarbonisation strategies.

In response to rising emissions, carbon capture, Utilization and Storage (CCUS) capacity is also increasing. Global carbon capture capacity reached in 2024 57.8 million tons per year, while OECD countries had a significant share of 62.6 %. Canada contributed 4.0 million tonnes/year and the USA 24.1 million tonnes/year. Regional data shows capacity increases in Asia-Pacific of 40.9 % and in South and Central America of 4.7 % in 2024.

Carbon prices in different compliance markets fluctuate, reflecting the dynamics of decarbonisation policies. For example, while the price in the UK Emissions Trading Scheme fell from £63.53/MtCO2e in 2023 to £45.90/MtCO2e in 2024, the price in the EU Emissions Trading Scheme fell from €85.27/MtCO2e to €66.47/MtCO2e over the same period. In contrast, the price of the California carbon allowance increased slightly from $34.08/MtCO2e to $36.19/MtCO2e.

A key pillar of the energy transformation is the development of renewable energy sources. Global installed solar power capacity reached at the end of 2024 1,865,490 MW, representing a significant increase of 32.0 % compared to the previous year. In China, installed solar capacity increased to 887,930 MW, making it global leader with 47.6% of the global share. The installed capacity of wind power worldwide reached at the end of 2024 1,134,758 MW, with an 11.3 % increase in 2024.

In addition, Hydrogen plays a significant role in the future of energyGlobal hydrogen production capacity reached in 2024 4,276.6 thousand tons per yearIt is important to note that 90.7 % of this capacity is made up of so-called "blue" hydrogen (made from natural gas with carbon capture) and only 9.3 % "green" hydrogen (produced by electrolysis of water from renewable sources). OECD countries accounted for 61.3 % of total hydrogen production capacity.

Despite the rapid growth of renewables, fossil fuels continue to play a significant role in global energy consumption, creating a tension between growing electricity demand and decarbonization goals [from the title of the source 1]. It is crucial for leaders to find a balance between these competing demands to ensure affordability, security of supply, and accelerate decarbonization.

The Energy Institute actively contributes to this goal through its activities, providing the guidance and expertise needed for governments and businesses to navigate the energy transitionTheir statistical review is for the energy community. full, first and free source the most reliable data on energy production, consumption, trade and emissions. Spring

Glossary of key terms

• Million tonnes of carbon dioxide: A unit for measuring carbon dioxide emissions.
• Capture capacity: The maximum amount of carbon dioxide that can be captured by carbon capture systems, usually expressed in millions of tonnes per year.
• Platts carbon removal credits (CRC): Credit for removing carbon from the atmosphere, a tradable unit.
• Platts CAC (Carbon Avoidance Credits): Carbon emission avoidance credit, tradable unit.
• Platts technological carbon capture: Technological solutions for carbon capture.
• Platts renewable energy: Energy obtained from renewable sources.
• USD$/MtCO2e: Price per metric ton of carbon dioxide equivalent in US dollars.
• Thousand barrels daily: A unit of measurement for oil production.
• Million tonnes: A unit of weight, often used for oil and coal production.
• Light distillates: A group of petroleum products including aviation and motor gasoline and light distillate fuel (LDF).
• Middle distillates: A group of petroleum products including aviation and heating kerosene, gas and diesel oils.
• Fuel oil: Petroleum product used as fuel, including marine fuel and crude oil used directly as fuel.
• Other: Other refinery products such as refinery gas, solvents, petroleum coke, lubricants, bitumen, wax, and refinery fuel and losses.
• USD$/mmBTU: Price in US dollars per million British thermal units, often used for natural gas.
• Natural gas (NG): Fossil fuel in the form of gas.
• Liquefied Natural Gas (LNG): Natural gas cooled to liquid form for easier transportation.
• Blue Hydrogen: Hydrogen made from fossil fuels with carbon capture and storage.
• Green Hydrogen (Green Hydrogen): Hydrogen produced by electrolysis of water using renewable energy sources.
• Gigawatts (Gigawatts – GW): Unit of electrical power.
• Terawatt-hours (Terawatt-hours – TWh): Unit of electrical energy.
• Solar photovoltaics (Solar PV): Technology for converting sunlight directly into electrical energy using the photovoltaic effect.
• Concentrated Solar Power (CSP): A technology that uses mirrors to concentrate sunlight onto a small area and convert heat into electrical energy.
• OECD (Organization for Economic Co-operation and Development): An organization bringing together developed countries with market economies.
• Non-OECD: Countries that are not members of the OECD.
• Biodiesel: Biofuel made from vegetable oils or animal fats.
• Biofuel (Biogasline): Biofuel used as a substitute for gasoline, such as ethanol.
• Reserves: Estimated reserves of a resource that can be economically extracted.
• R/P ratio: The reserves-to-production ratio indicates how many years the reserves would last at the current rate of extraction.
• Cobalt: A metal used in batteries, especially lithium-ion batteries.
• Natural Graphite: A form of carbon used in batteries and other industrial applications.
• Lithium: A light metal used in lithium-ion batteries.
• Rare Earth metals: A group of 17 chemical elements with important technological applications.
• Zinc: A metal used in alloys and batteries.
• Lithium-iron-phosphate cells (Lithium Iron Phosphate Cells - LFP): Lithium-ion battery cell type.
• Lithium Nickel Manganese Cobalt Oxide Cells (NMC): Another type of lithium-ion battery cell.
• Exajoule (Exajoules – EJ): A unit of energy, 1 EJ = 10^18 joules.