7/21/2025
KPMG and Energy Institute, Statistical Review of World Energy 2024
The global demand for energy reached the highest level of all times in 2024 increasing slightly more than 2% compared to the previous year. Turkiye’s total energy supply reached a level of 7.02 EJ (exajoules) in 2024 as the rate of increase of 5.1% turned Turkiye into one of the most rapidly growing countries in Europe in terms of energy supply. Turkiye has been the third country in Europe in terms of energy supply with a share of 1.2% behind Germany and France…
The annual results of the year 2024 of the Statistical Review of World Energy prepared by KPMG in collaboration with the Energy Institute (EI) have been released. According to the report, the global demand for energy reached the highest level of all times in 2024 increasing slightly more than 2% compared to the previous year. The demand for electricity also displayed an increase of over 4% following a course exceeding the overall energy consumption upon acceleration in electrification. On the other hand, global CO2 emissions also increased by 1% reaching record levels in four consecutive years. Data regarding the energy supply of Turkiye are also noteworthy in the report. According to country based data, Turkiye’s total energy supply reached a level of 7.02 EJ (exajoules) in 2024. This stands for an increase of around 5.1% compared to the previous year. This rate of increase has turned Turkiye into one of the most rapidly growing countries in Europe in terms of energy supply. Turkiye has thus been the third country in Europe in terms of energy supply with a share of 1.2%. Germany ranks the first with a share of 1.7% and France the second with a share of 1.5%. United Kingdom on the other hand chases Turkiye with a share of 1.1%. Moreover, Turkiye has been the first country in Europe displaying the highest growth in energy supply with a growth rate of 3.5% during the period of 2014-2024 on the average on an annual basis. The use fossil fuels is on the rise According to the report, fossil fuels continue to be in the heart of the global energy balance despite a rapid growth in clean energy. Global oil production reached 97 million barrels per day in 2024 increasing by 0.6% of which 66% was supplied by non-OPEC countries. USA on the other hand made an oil production of over 20 million barrels per day for the first time in history thus exceeding the total production of Saudi Arabia and Russia. China consolidates its leadership in renewable energy No matter if USA and Europe seem to have entered a stable era in the use of fossil fuel, investments in renewable energy in Europe slowed down due to increasing interest rates and supply chain disruptions. On the other hand, China commissioned a renewable energy capacity exceeding the overall capacity in USA, Europe and India in 2024 thus consolidating its leadership in global energy transition. Wind and solar power take the lead in growth Total power generation from wind and solar energy increased by over 16% in 2024. The rate in question is almost nine-fold of the acceleration in overall demand for energy. However, renewable energy resources still fall short of covering the rapidly increasing global demand for energy by itself particularly in regions where infrastructure and investments are insufficient. To access the report: https://kpmg.com/xx/en/our-insights/esg/statistical-review-of-world-energy.html
Annual Report
