Transition finance

Global consumption of energy reached a record high of 620 exajoules (17 x 10⁴ terawatt hours) in 2023, up 2% from a year earlier. (An exajoule is 24 million tons of oil equivalent.)

• CO2 emissions from the combustion of fossil fuels is by far the largest source of energy-related greenhouse gas emissions, contributing around 81% of the total.

The Global South accounted for 56% of the world’s total energy consumption. 

• The Asia-Pacific region was responsible for 85% of the Global South’s demand (and 47% of global demand).
• Electricity demand in North America and Europe, meanwhile, fell -1% and -2.4%, respectively, from a year earlier.