What happened to the global energy transition?

Leith van Onselen

Monday 20 July 2026

Australia seems to be one of the few countries on earth still committed to net zero.

The 2026 Statistical Review of World Energy was released earlier this month and revealed that:

Oil consumption hit a record high.
Natural gas consumption hit a record high.
Coal consumption hit a record high.
Carbon emissions from the consumption of fossil fuels hit a record high.

Below are key extracts taken directly from the report.

Carbon emissions:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.