Lloyd’s Register: Power & Potential

Vassia Sourtzi, senior energy transition specialist at Lloyd’s Register, looks at the factors impacting the global fuel mix The global energy landscape is undergoing a significant transformation as nations grapple with the dual imperatives of meeting rising energy demands and reducing greenhouse gas emissions. Overall, global total final energy consumption (TFEC) has increased from 268 EJ (exajoule) in 2000 to just under 380 EJ in 2019, equivalent to a compound annual growth rate over the period of 1.9% per annum. Despite being significantly impacted in the early stages of the global pandemic and falling 4.7% year on year (YoY) in 2020, TFEC quickly rebounded to pre-pandemic levels in 2021. Fossil fuels play a predominant role in the energy mix, followed by electricity and biofuels. Fossil fuels currently account for 232 EJ, or approximately 61% of global energy demand. Of this, oil and oil products represent the largest share at 133 EJ, followed by natural gas at 64 EJ, and coal at 36 EJ. At present, hydrogen does not contribute meaningfully to the global energy mix. But by 2050, hydrogen and its derivatives are expected to play a significant role in global energy systems,...