Limiting global warming to 1.5°C is more unlikely than ever

Renewables are not yet replacing fossil fuels in the global energy mix because fossil fuels continue to grow in absolute terms, according to DNV.

Over the past five years, fossil fuels have met only half of new energy demand globally, despite a rapid increase in renewable capacity, according to DNV’s Energy Transition Outlook report. The report concludes that between 2017-2022 renewables covered 51% of new energy demand, while the rest of the demand was supplied by fossil fuels. Renewables continue to meet increased demand rather than replace fossil fuels, and in absolute terms, fossil fuel supply continues to grow.

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