The global energy transition is still in its infancy, and fossil fuels remain the predominant source of primary energy consumption. Senior partner Chris Bradley and coauthors emphasize the urgency of accelerating the transition to cleaner energy sources, as energy-related CO2 emissions continue to rise despite a slight decline in emissions intensity between 2012 and 2022. The deployment of low-emissions technologies has begun, but represents only 10 percent of what’s required by 2050 in most areas.
Image description:
Three graphs provide information about energy consumption and emissions. The first is a stacked area graph that shows global primary energy consumption from 1990 to 2021, broken down by source. Fossil fuels comprised the majority of energy consumption throughout this period, accounting for nearly 80% of primary energy consumption. Variable renewable energy sources (including solar and wind) and other non-fossil fuels (including nuclear, hydropower, biomass, and biofuels) accounted for the remaining energy consumption. Between 1990 and 2021, energy consumption figures rose for all sources.
The next two graphs are line graphs depicting the trends of energy-related carbon dioxide emissions and emissions intensity from 1990 to 2022. Energy-related carbon dioxide emissions rose from approximately 22 billion tonnes in 1990 to nearly 37 billion tonnes in 2022, with a 6% increase between 2012 and 2022. Meanwhile, emissions intensity followed a downward trend, dropping from around 60 million tonnes of carbon dioxide/exajoules of primary energy consumption in 1990 to about 55 million tonnes of carbon dioxide/exajoules in 2022. This translated to a 7% decrease in emissions intensity between 2012 and 2022.
Source: Energy Institute; International Energy Agency; McKinsey MineSpans; Global energy perspective 2023, McKinsey; McKinsey Global Institute analysis.
End of image description.
To read the report, see “The hard stuff: Navigating the physical realities of the energy transition,” August 14, 2024.