Fossil fuels are the main source of energy in the world. In 2023, they accounted for an 80 percent
. Renewable energy consumption has doubled over the past five years, but these energy sources still play a comparatively small role in the global energy industry. In 2023, renewable energy and hydropower combined contributed only 15 percent of the
. Meanwhile, coal, oil, and natural gas production has been increasing since the COVID-19 slump in 2020.
Fossil fuel reserves and consumption worldwide
Crude oil is the most consumed primary energy source. Some 196 exajoules are distributed and used every year. Oil is the main feedstock in motor fuels like gasoline and diesel, and also the fundamental ingredient of petrochemicals such as plastics and pharmaceuticals.
Global crude oil reserves amount to around 1.6 trillion barrels in 2023. Coal is the second most consumed primary energy fuel. Coal consumption is largely driven by electricity demand, as it remains the predominant
source of electricity generation worldwide. Natural gas has suffered from a stiff
price increase during the global energy crisis since 2021, but its carbon emission per unit energy is lower than coal and oil. For this reason, several countries plan to invest in this energy source to support the green energy transition.
Renewable energy sources outlook
Biomass is the most used renewable energy source, accounting for roughly 10 percent of the
global primary energy demand, followed by hydropower. Many governments have committed to net-zero emissions targets for 2050, and annual
global renewable energy investments have surpassed 600 billion U.S. dollars in 2023. It was
forecast that, to maintain the global temperature increase below 1.5 degrees Celsius, renewable energy sources should become the first source of primary energy supply by 2035, and account for some 70 percent of this amount in 2045. However, OPEC expects renewables to account for less than one-fourth of total fuel demand in 2045.
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