Global energy transition stalls as oil, gas, coal, and carbon emissions hit record highs in 2026

The 2026 Statistical Review of World Energy shows that oil, natural gas, and coal consumption all reached record highs last year, pushing carbon emissions from fossil fuels to a new peak. The data suggests the global energy transition has stalled or reversed, with Australia one of the few countries still publicly committed to net zero targets. This raises hard questions about whether current climate policies are working. If fossil fuel demand keeps rising despite renewable buildout, the gap between emissions pledges and real-world outcomes will keep widening. The full article on MacroBusiness is behind a paywall but the headline figures are worth examining for anyone tracking carbon market implications or grid decarbonization progress.