LONDON—The share of fossil fuels in the world’s total energy mix is as high as a decade ago, despite the falling cost of renewables and pressure on governments to act on climate change, a report by green energy policy network REN21 showed on June 15.
Fossil fuel use has persisted amid rising global energy demand, continued consumption and investment in new fossil fuel plants, and lower use of biomass energy—such as wood or agricultural waste—in heating and cooking, the report said.
Read: Expert: Energy-hungry Emerging Economies Need and Want Oil
Burning fossil fuels such as coal, gas and oil creates CO2, the main greenhouse gas which contributes to global warming.
As the atmospheric concentration of CO2 emissions has grown to record levels, calls have grown for governments to make steeper emissions cuts and curb the use of fossil fuels to meet global climate goals.
REN21 said the share of fossil fuels in the global energy mix was 80.2% in 2019, compared to 80.3% in 2009, while renewables such as wind and solar made up 11.2% of the energy mix in 2019 and 8.7% in 2009, the report said.
The rest of the energy mix comprises traditional biomass, used largely to cook or heat homes in developing countries.
Yet, in many regions, including parts of China, the European Union, India and the United States, it is now cheaper to build new wind or solar photovoltaic plants than to operate existing coal plants.
Renewables also are outcompeting new natural gas-fired power plants on cost in many locations, and are the cheapest sources of new electricity generation in countries across all major continents, the report said.
“We are waking up to the bitter reality that the climate policy promises over the past 10 years have mostly been empty words,” said Rana Adib, REN21’s executive director.
“The share of fossil fuels in final energy consumption has not moved by an inch,” she added.
In many countries, COVID-19 economic recovery packages aim to stimulate further investment in renewable energy. But renewable investments are only around one-sixth of fossil fuel investments, the report added.
Recommended Reading
Marketed: KJ Energy Operated Portfolio in East Texas
2024-04-16 - KJ Energy has retained TenOaks Energy Advisors for the sale of its operated portfolio located in East Texas.
Marketed: Bendel Ventures 73 Well Package in Texas
2024-03-05 - Bendel Ventures LP has retained EnergyNet for the sale of a 73 well package in Iron and Reagan counties, Texas.
Marketed: EnCore Permian Holdings 17 Asset Packages
2024-03-05 - EnCore Permian Holdings LP has retained EnergyNet for the sale of 17 asset packages available on EnergyNet's platform.
CERAWeek: Exxon Mobil CEO Says Not Trying to Acquire Hess
2024-03-18 - CEO Darren Woods said Exxon Mobil is trying to secure preemption rights over Hess Corp.'s Guyana assets in its dispute with Chevron, not buy the company itself.
Oilfield Service Companies Dril-Quip, Innovex to Merge
2024-03-18 - Dril-Quip Inc. and Innovex Downhole Solutions Inc. will emerge as a new company, Innovex International, with expanded reach in global markets.