Energy Shift
Top Countries by Fossil Fuel Consumption in 2023
See this visualization first on the Voronoi app.
Top Countries by Fossil Fuel Consumption in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Fossil fuel consumption reached new record highs in 2023, driven by increased coal and oil use in China, despite the global boom in renewable energy.
Together, gas, oil, and coal accounted for 81.5% of the global energy mix last year, slightly down from 82% in 2022.
This graphic shows the top 12 countries by fossil fuel consumption in 2023. Data is from the Energy Institute, 2024 Statistical Review of World Energy, released in June 2024.
China and U.S. Account for Nearly Half of Global Fossil Fuel Use
China and the U.S. are responsible for almost half (47%) of global fossil fuel consumption.
| Country | Oil (Exajoules) | Natural Gas | Coal | Total |
|---|---|---|---|---|
| 🇨🇳 China | 33 | 15 | 92 | 140 |
| 🇺🇸 U.S. | 36 | 32 | 8 | 76 |
| 🇮🇳 India | 11 | 2 | 22 | 35 |
| 🇷🇺 Russia | 7 | 16 | 4 | 27 |
| 🇯🇵 Japan | 7 | 3 | 5 | 15 |
| 🇮🇷 Iran | 4 | 9 | 0 | 12 |
| 🇸🇦 Saudi Arabia | 7 | 4 | 0 | 12 |
| 🇰🇷 South Korea | 5 | 2 | 3 | 10 |
| 🇨🇦 Canada | 4 | 4 | 0 | 9 |
| 🇮🇩 Indonesia | 3 | 2 | 4 | 9 |
| 🇩🇪 Germany | 4 | 3 | 2 | 9 |
| 🇬🇧 United Kingdom | 3 | 2 | 0 | 5 |
| 🌍 Rest of the World | 72 | 50 | 24 | 146 |
In 2023, China consumed 140 exajoules of fossil fuels, equivalent to approximately 5.8 billion tonnes of hard coal. The U.S. followed with 76 exajoules, while India was third with 35 exajoules.
Crude oil consumption surpassed 100 million barrels per day for the first time, and coal demand exceeded the previous year’s record.
China remains the largest coal consumer, accounting for 56% of global consumption, a new record for the country. Additionally, in 2023, India’s coal consumption surpassed the combined total of Europe and North America for the first time.
If you like this graphic, be sure to check out ‘Visualizing Global Energy Production in 2023.’ This graphic illustrates the sources of energy used worldwide last year.
Energy Shift
Visualized: Global Coal Consumption by Region
For this graphic, Visual Capitalist has partnered with Range ETFs to explore world coal consumption in 2023 and find out who consumed the most coal.
World Coal Consumption by Region in 2023
Despite many nations transitioning away from fossil fuels, in 2023, world coal consumption reached a staggering 164 exajoules (EJ) of energy, a record high for any year.
For this graphic, Visual Capitalist has partnered with Range ETFs to explore the role coal plays in the global energy mix and determine which regions still consume large quantities of coal.
The Role of Coal in Global Energy
Coal is a significant player in the global energy mix, contributing 26% of the world’s energy in 2023, more than all non-fossil fuel sources combined. The only energy source that contributed more to the global energy mix was oil.
Here’s how that consumption breaks down by region:
| Region | Consumption (EJ) | Share % |
|---|---|---|
| China | 91.9 | 56.1% |
| Asia Pacific (excluding China) | 43.8 | 26.7% |
| Americas | 10.0 | 6.1% |
| Europe | 8.4 | 5.1% |
| CIS* | 5.5 | 3.4% |
| Africa | 4.1 | 2.5% |
| Middle East | 0.4 | 0.2% |
| Total | 164.0 | 100% |
Coal consumption has decreased in many regions. For example, both North America and Europe reduced their energy consumption from coal by 16% in 2023. However, a heavy reliance on coal in the Asia Pacific region has led to global coal consumption remaining essentially the same over the past 10 years.
In 2023, China increased its coal consumption from 88 EJ to nearly 92 EJ—totalling 56% of global coal consumption. This contributed significantly to Asia Pacific leading the world with a staggering 83% of global coal consumption.
The Importance of Coal
Easy access to existing infrastructure and reasonable prices have not only sustained global coal consumption over the last 10 years, but also paved the way for potential growth. Many developing nations are now expanding their coal consumption, presenting potential opportunities in the coal market.
For example, as per the Statistical Review of World Energy 2024, between 2022 and 2023, Bangladesh and Colombia saw double-digit percentage increases in year-over-year coal consumption: 41% and 53%, respectively.
Coal continues to play a critical role in the global energy mix, especially in the developing world, where its affordability makes it the current energy source of choice.
Learn more about the Range Global Coal Index ETF (COAL)
Electrification
Charted: Investment Needed to Meet Battery Demand by 2040
Investment in batteries is expected to surpass $1.6 trillion by 2040.
Investment Needed to Meet Battery Demand by 2040
With the growth of battery-powered devices, from smartphones to electric vehicles and energy storage systems, investment in the battery sector is expected to surpass $1.6 trillion by 2040.
This graphic shows the latest forecasts from our exclusive data partner, Benchmark Mineral Intelligence, to show the total capital expenditure (capex) requirements to build capacity to meet future battery demand by 2030 and 2040. Forecasts are current as of July 2024.
Raw Materials and Battery Components
Battery demand is projected to increase ninefold by 2040. As a result, the battery industry’s total capex is expected to nearly triple, rising from $567 billion in 2030 to $1.6 trillion in 2040.
Upstream, companies will focus mainly on lithium, nickel, copper, and recycling at the extraction stage.
| Upstream (Capex $ bn) | 2030P | 2040P |
|---|---|---|
| Lithium | 94 | 188 |
| Recycling | 26 | 157 |
| Nickel | 56 | 119 |
| Copper | 43 | 82 |
| Aluminium | 9 | 19 |
| Cobalt | 11 | 13 |
| Synthetic Graphite | 3 | 4 |
| Flake Graphite | 2 | 5 |
| Manganese | 1 | 3 |
Demand for recycled materials will increase 26 times by 2040, representing the largest percentage growth in our graphic, with total capex rising from $26 billion to $157 billion.
Midstream, companies will direct most of their funds towards the cathode (the positive electrode during battery discharge), with investment increasing from $48 billion in 2030 to $157 billion in 2040.
| Midstream (Capex $ bn) | 2030P | 2040P |
|---|---|---|
| Cathode | 48 | 157 |
| Separator | 39 | 92 |
| Anode | 14 | 43 |
| Electrolyte | 3 | 7 |
Biggest Growth Expected Downstream
Although most of the discussion about clean technologies revolves around raw materials (mines needed to supply the demand) and new battery technologies, in the future, the downstream stage of the battery industry is expected to receive most of the investment.
This stage includes pack assembly, integration into products, distribution, and recycling or disposal of the battery.
Downstream, the total capex is expected to reach $222 billion in 2030 and increase to $686 billion by the year 2040.
-
Electrification2 years agoThe Key Minerals in an EV Battery
-
Energy Shift2 years agoWhat Are the Five Major Types of Renewable Energy?
-
Electrification1 year agoThe Six Major Types of Lithium-ion Batteries: A Visual Comparison
-
Electrification3 years agoThe World’s Largest Nickel Mining Companies
-
Energy Shift2 years agoThe Solar Power Duck Curve Explained
-
Real Assets2 years agoWhich Countries Have the Lowest Inflation?
-
Misc2 years agoHow Is Aluminum Made?
-
Electrification3 years agoBreaking Down the Cost of an EV Battery Cell