Over the last five years fossil fuels have met only half of the new demand for energy globally, despite a rapid buildout of renewable capacity, according to DNV’s Energy Transition Outlook. The report finds that between 2017-2022 renewables met 51% of new energy demand, whilst the remaining demand was supplied by fossil fuels.

The heightened focus on energy security and the rising cost of energy is reinforcing the difference in decarbonization speed between Europe and the rest of the world – according to the sixth edition of DNV’s Energy Transition Outlook.