Join Our Telegram channel to stay up to date on breaking news coverage
In its recently published report on 2022 world energy statistics, BP reveals a high-use record of fossil fuel despite an exponential growth and adoption of renewable energy, including solar and hydroelectricity.
Sustainable Market Requires Holistic Approach to Dethrone Fossil Fuel Reign
According to the United Kingdom-based energy statistical firm BP, sustainable energy use recorded an exponential growth of 266 gigawatts due to its massive consumption by people.
However, fossil fuels still accounted for 82% of global energy, a dominance yet to be defeated for almost a decade.
As exclusively detailed in BP’s 2022 publication of the Statistic Review of World Energy 71st edition, the impressive growth of wind and solar energy in the power sector shows that the world is moving in the right direction.
However, a better holistic approach must be adopted for the gradual growth of sustainable energy markets to take off the lead of oil, gas, and coal production from the charts.
Fossil fuel topped the global energy charts due to Russia’s invasion of Ukraine. This increased the prices of gas and coal to peak levels in different regions, including Europe, Africa, and Asia.
Major Data Highlights of Statistic Review of World Energy Report
According to BP’s statistical consumption report, energy consumption grew worldwide except in Europe. The overall global primary energy demand rose to 1% and fell by 5.5% from the previous year.
Coal share in power generation peaked at a dominant level of 35.4%, while renewables, excluding hydropower, produced 7.5% of global energy consumption.
Electricity generation settled at 2.3%, with wind and solar accounting for a record 12% power generation. This surpassed nuclear and met up to 84% of net electricity demand growth globally.
Renewable power growth, excluding that of hydropower, suffered a downtrend of 14%, but solar and wind capacity increased. They recorded an immersive 266 gigawatts, with solar providing the biggest percentage.
China peaked as the only country with the most solar and wind power. Europe accounted for the region with the most liquefied natural gas (LNG) demand, with imports increasing by 57%.
Regarding natural gas, LNG production was up to 5% at a stunning 542 billion cubic meters.
Despite Europe’s increased demand for LNG, the Asia-Pacific region and South and Central America reduced their purchase of LNG at a larger scale.
Amid record prices in Europe and Asia, the demand for global gas plummeted but still recorded 24% of primary energy consumption. This is a low rate compared to the previous year.
More so, Japan replaced China as the world’s largest LNG importer.
For emission statistics, global energy emissions, including that of industrial processes and flaring, increased to 0.8%, recording a new high of an astounding 39.3 billion tonnes of Co2 equivalent.
Best Strategies to End Fossil Fuels: The Dream of an Eco-Friendly Planet
From fracked gas to coal ash dumps and oil pipelines, the fossil fuel industry has become an opposition to the fight against climate change.
According to the United States Environmental Protection Agency’s recent report, airborne nitrogen pollution caused by fossil fuel consumption not only affects the air we breathe but also has adverse effects on the land and water.
This is because nitrogen is the most abundant element in the air and plays a significant role in plant and animal life. Fossil fuel sources include coal, gas, oil, lead, and more.
However, specific solutions must be adopted to mitigate the increasing effects of fossil fuels on the environment. This includes developing and implementing corporate energy management programs to enlighten individuals and businesses.
Other solutions include the accessibility and affordability of renewable energy, notably solar. Also, the creation of machinery and technologies that rely on sustainable energy to function.
If these mediums are strictly adhered to, planet scientist believes the Earth can stand a chance to beat fossil fuel dominance.
Related News
- Chimpzee is Planting Trees, Fighting Climate Change, and Providing Passive Income – All With Web3. Learn How Here
- Blockchain Emerges as Key Climate Change Mitigation Tool, Says WEF
- Russia’s Ministry Of Energy Drives Crypto Mining Legalization
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
