Energy

Where did the additional 67 exajoules come from? The answer lies in natural gas, which accounted for nearly 40% of the extra energy and remains the fastest-growing energy source globally. Oil contributed 24%, while coal provided 14%. Together, hydrocarbons made up nearly 80% of the total energy increase, aligning with their long-standing dominance in the global energy mix, where they continue to supply over 80% of total energy. Renewable energy sources also played a role, with wind contributing over 9% and solar close to 7%. Hydropower added 4%, while nuclear power saw no net gain, as retired capacity balanced out new installations.

Energy drives all life, from the tiniest microorganisms to the largest creatures like the humpback whale. For 3.5 billion years, life has evolved by harnessing energy stored in chemical bonds, enabling the intricate complexity we see in nature today. As organisms advanced, so did their energy systems, with mitochondria — tiny cellular power plants — playing a crucial role in powering movement, growth, and even thought.

The need for more energy has driven cultural and technological advancements throughout human history. The discovery of fire, for example, revolutionized our diet by allowing us to consume a wider variety of foods. For centuries, wood was humanity’s primary energy source for heating and cooking, as it was considered renewable, growing through the natural cycles of water and sunlight.

However, modern renewable energy sources differ. Unlike wood, they do not have inherent energy stores, and their production often depends on finite, energy-intensive resources. Additionally, food remains the primary energy source for the human body, and its availability has long been shaped by seasonal cycles and competition with other species.

To improve the lives of the seven billion people who aspire to the quality of life enjoyed by the fortunate billion, the world needs a significant increase in energy. Many still endure the burdens of hand-washing clothes, relying on unsafe cooking fuels, and dealing with expensive and unreliable electricity. However, economic and energy growth in recent decades has brought improvements, and this section explores the energy sources contributing to humanity’s growing energy needs.

Natural gas has been the fastest-growing energy source over the last 12 years, contributing 38% of the total energy increase. Oil followed, providing 24% of the added energy, despite the temporary decline in demand caused by COVID-19. Coal was third, supplying 14% of the growth. Today, hydrocarbons remain the dominant energy source, providing over 80% of global energy and accounting for 76% of the energy growth in the last decade, with their share of total global energy remaining largely unchanged.

Renewables like wind energy have seen rapid growth in percentage terms, but wind contributed only 9% of the additional energy used in 2022 compared to 2010. Solar power added just under 7%, while hydropower contributed about 4%. Hydropower growth mainly occurred in China, Latin America, and Africa, as OECD nations saw little expansion in this area. Although hydropower depends on rainfall, dams provide a reliable source of energy throughout the year.

The CARBO team is passionate about supporting innovation in both Oil & Gas and Renewable Energy sources.