Despite Billions of Green Investments, Global Carbon Emissions Hit All-Time High in 2024

Despite the billions of investments in clean energy and widespread climate commitments worldwide, it is emerging that global carbon emissions hit a new all-time high of 40.8 billion metric tons in 2024.

This is a staggering revelation contained in the 2025 Statistical Review of World Energy, released in late June by the Energy Institute (EI).

According to the report, the world is adding clean energy, but failing to cut back on fossil fuels. While there are significant investments in solar and wind energy growing at record rates, they are not replacing fossil fuels fast enough to reduce overall emissions.

OilPrice.com reports that global energy demand continues to rise, especially in developing and emerging economies, causing emissions to climb higher year after year. The review states that while the world is adding clean energy to the mix, the world is not subtracting fossil energy.

Emissions Rise Despite Record Renewables

From 2023 to 2024, emissions rose by 0.5 billion metric tons, continuing a trend that has persisted since 2021. On average, global emissions have grown by nearly 1% per year over the past decade, despite international climate agreements, net-zero goals, and renewable energy targets.

The problem, experts say, isn’t that clean energy isn’t working. It’s that fossil fuels are not being phased out at the same pace as renewables are being added. As a result, the clean energy transition is supplementing, rather than replacing, fossil energy.

The Big Three: China, U.S., and India

China, the United States, and India together account for over half of global emissions, but they are on very different paths, OilPrice.com reveals.

China, despite being a global leader in solar and wind deployment, emitted 12.5 billion metric tons of CO₂ in 2024, more than North America and Europe combined. Its reliance on coal remains high, fueling both its manufacturing sector and domestic energy needs.

India recorded 3.3 billion metric tons, up 24% over the last decade, driven largely by industrialisation and rising energy demand as millions move into the middle class.

The U.S., by contrast, has managed to lower its emissions by over 900 million metric tons since 2000, thanks to the shale gas boom and the rise of renewables. Yet its historical contribution and per capita emissions remain among the highest globally.

Global Imbalance and Structural Challenges

A regional breakdown shows stark disparities. Africa’s emissions rose by 25%, the Middle East by 15%, and Asia-Pacific by over 9% in the past decade. These increases reflect the reality that much of the global South is still focused on basic infrastructure, industrial growth, and energy access, much of it powered by fossil fuels.

Even in Europe, where emissions have fallen by 15% since 2014, progress is uneven. While countries like Germany and the UK are making strides through electrification and policy reforms, parts of Eastern and Southern Europe are still dependent on coal, and economic strains have delayed clean energy investments.

A Transition That’s Too Slow

The core message of the report is clear: the energy transition is underway, but not at the pace needed to halt climate change.

Despite record-breaking growth in renewables, the world remains far from a tipping point where clean energy displaces fossil energy at scale. Until that happens, emissions will likely continue to rise. The data signals that clean energy headlines are encouraging, but the emissions data tell the real truth. Experts say without that hard pivot, the world’s climate ambitions risk being overrun by its growing appetite for energy.

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