{"id":179656,"date":"2024-09-26T21:15:25","date_gmt":"2024-09-27T01:15:25","guid":{"rendered":"https:\/\/doppleronline.ca\/rwddev\/?p=179656"},"modified":"2024-09-27T12:02:12","modified_gmt":"2024-09-27T16:02:12","slug":"globar-energy-update","status":"publish","type":"post","link":"https:\/\/doppleronline.ca\/huntsville\/globar-energy-update\/","title":{"rendered":"Global energy update – A policy shift coming\u00a0 | Commentary"},"content":{"rendered":"\n

By Dave Wilkin<\/em><\/p>\n\n\n

<\/broadstreet-zone><\/strong><\/div>\n\n\n\n

The 2024 edition of the World Energy\u2019s Statistical Review<\/span><\/a> was recently released. Below I highlight some key statistics from it, then share my takeaways and how they may affect Canadian energy policy direction. <\/p>\n\n\n\n

Global primary energy consumption continues to rise, growing 2% last year, while the renewables (mostly wind and solar, excluding hydro) grew 12%, now comprising 8% of the global energy mix, unchanged from 2022. Nuclear and Hydro had minimal growth. Fossil fuels are still comprised of over 80% of the global energy mix, and their related emissions have reached a new high, rising over 8% over the last decade.<\/p>\n\n\n\n

Diving deeper, we see stark differences. In non-OECD (mostly developing) countries, primary energy consumption grew 22% over the decade, driven largely by fossil fuels growth, which make up 84% of their energy mix. Their emissions surpassed 70% of the global total. Notably, these countries collectively hold 90% of natural gas reserves and 85% of oil reserves, enough to last around 70 years, at current production levels. Renewables growth was a robust 18% last year (half in China), yet their energy mix share remained mostly unchanged at just under 7%. <\/p>\n\n\n\n

In contrast, Europe\u2019s primary energy consumption fell 10% and emissions declined 19% over the past decade. Renewables expanded 7% in 2023, bringing them up to a 15% energy mix share. European emissions now comprise just 9% of the global total. Yet fossil fuels still make up almost 70% of their energy mix and they remain very heavily dependent on imports, which still comprise over half of their primary energy. Last year Canada supplied only 1.5% of their imported oil, and no LNG, while the US supplied about 18% of their oil and 45% of their LNG. The majority of their energy imports still come from OPEC+ countries. Continuing cutbacks on energy imports from Russia have pushed them to further reduce consumption and pursue alternatives.<\/p>\n\n\n\n

Over the past decade, US primary energy consumption rose 2%, oil increased 3% and natural gas was up a stunning 25%. Despite these increases, emissions declined 9%, largely from cleaner natural gas replacing coal.  In contrast, Canada\u2019s primary energy consumption and emissions fell around 3%, oil declined slightly, while natural gas grew almost 15%. Last year, renewables expanded about 4% in the US and 6% in Canada, pushing their energy mix share to just 9% and 5% respectively. Fossil fuels share remained at about 65% in Canada and 81% in the US. Notable, of our $152 billion in 2023 oil and gas exports<\/span><\/a> (20% of all Canadian exports), almost all was US bound.<\/p>\n\n\n\n

Here are key takeaways from this energy picture:<\/p>\n\n\n\n