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Global fossil fuel use is at an all-time high

25th June, 2024

The Guardian has reported that global fossil fuel use is at an all-time high. Our CEO, Ian Jones, commented:


“Whilst it’s disappointing it is hardly surprising to see this statistic. Oil prices have stabilised, and gas prices have dropped rapidly. Coal producers are keeping prices only just above the marginal cost of extraction and higher sulphur pet coke is at an all-time low.


“Whilst this has a stabilising effect on end users, costs and ultimately inflation, it continues to drive the uses of alternative fuels and potentially carbon capture technology advancement further down the agenda.


“Heavy Industry plant managers have fuel cost as their number one KPI (After HSE) and until this is replaced with CO2 cost, new fuels and new technology will continue to be a lip service exercise from governments to boardrooms. Alternative cleaner fuels don’t cost more than traditional fuels, but they do need investment to be handled and fed differently.


“This investment, along with carbon capture technology should be better supported by governments globally so plant mangers are incentivised to replace traditional fuels more rapidly.


“Businesses cannot afford to do this alone, and neither can it be done only in first world countries.


“We at WKE have significant interest from developing nations keen to increase their usage of alternative fuels but only if its 20-40% cheaper than using low grade high sulphur petcoke.


“Until the business dialogue shifts to discussing the cost of not using alternative fuels I don’t expect that we have seen the end of reports detailing “peak emissions”.


“The Powering Past Coal alliance which was launched at COP23 stresses that the Paris Agreement requires coal phase out by 2030 in the OECD. increasing coal usage figures would suggest that this is another target which will be missed.”