Robert Lyman (Financial Post);
The International Energy Agency, in its reports on energy financing, breaks down global energy investment into investment in fossil fuels, on the one hand, and in “clean energy,” on the other. In 2023, estimated investment in “clean energy” will be close to $2.2 trillion (in C$). That is an almost unimaginable amount of money, made only slightly less daunting when portrayed as $6 billion per day. […]
What has been the result of these gargantuan expenditures? The effects of current investments in electrical energy infrastructure won’t be fully apparent for some time, but we should be able to see the effects of spending that has been rising for more than 20 years. To find out, I consulted the authoritative Statistical Review of World Energy 2023, published by the Energy Institute, the successor to British Petroleum as the producer of the Statistical Review. It works closely with KPMG to produce the report.
The share of the world’s primary energy consumption produced by renewable energy has essentially doubled since 2015, from about 3.5 to seven per cent of the world total. Yet, fossil fuels (oil, natural gas and coal), which accounted for 85 per cent of primary energy consumption in 2015, still accounted for 82 per cent in 2022. At that rate of reduction — three percentage points every seven years — we will not get to full decarbonization (i.e., zero use of fossil fuels) until well into the next century.
As usual, the news is buried in the opinion pages.
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