Is ‘net zero’ even possible?

The 2026 Statistical Review of World Energy, considered the gold standard in keeping track of what powers the world, was released last month and revealed that:

1. Oil consumption hit a record high.
2. Natural gas consumption hit a record high.
3. Coal consumption hit a record high.
4. Fossil fuels accounted for 86% of world energy supplied, with only 8.6% delivered by the combination of wind, solar, biofuels, and hydroelectricity.
5. Carbon emissions from the consumption of fossil fuels hit a record high.

The data for Australia was especially stark, with fossil fuels (i.e., oil, coal and natural gas) accounting for 92% of the nation’s energy supplied, split as follows:

• Oil: 40.5%
• Coal: 26.4%
• Natural gas: 25.1%
• Renewables: 8.0%