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World

Deep disparities define today’s energy world. The dissonance between well-supplied oil markets and growing geopolitical tensions and uncertainties. The gap between the ever-higher amounts of greenhouse gas emissions being produced and the insufficiency of stated policies to curb those emissions in line with international climate targets. The gap between the promise of energy for all and the lack of electricity access for 850 million people around the world.

World

Global energy consumption in 2018 increased at nearly twice the average rate of growth since 2010, driven by a robust global economy and higher heating and cooling needs in some parts of the world. As a result, global energy-related CO2 emissions rose 1.7% to a historic high of 33.1 Gt CO2.

Global energy-related carbon dioxide emissions by source, 1990-2018

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Annual change in global primary energy demand, 2011-2018

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Global outlook

The future outlined in the Stated Policies Scenario is still well off track from the aim of a secure and sustainable energy future. It describes a world in 2040 where hundreds of millions of people still go without access to electricity, where pollution-related premature deaths remain around today’s elevated levels, and where CO2 emissions would lock in severe impacts from climate change.

Achieving the Sustainable Development Scenario – a path fully aligned with the Paris Agreement aim of holding the rise in global temperatures to well below 2°C and pursuing efforts to limit it to 1.5°C – requires rapid and widespread changes across all parts of the energy system. Sharp emission cuts are achieved thanks to multiple fuels and technologies providing efficient and cost-effective energy services for all.

CO2 emissions reductions by measure in the Sustainable Development Scenario relative to the Stated Policies Scenario, 2010-2050

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Energy investment

久草影院Energy investment remained at $1.85 trillion in 2018 while a rise in fossil fuel supply investment offset lower power and stable efficiency spend. Despite the shift, power was the largest sector for the third year in a row.

Today’s capital allocation would need to shift rapidly towards cleaner sources and electricity networks in order to align with the Sustainable Development Scenario and the Paris Agreement.