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World Energy Review

Eni presents the complete edition of its annual report on the global energy sector now in its 25th edition.

The full World Energy Review 2026 (WER) is now available online. This final edition includes additional insights into cross-cutting topics such as CO₂ emissions and coal, alongside a focus on power generation and continued analysis of oil, gas, renewables and critical minerals.

With this full edition based on data related to 2025, Eni renews its commitment to providing a clear and pragmatic perspective on global energy dynamics. For 25 years, the WER has served as a tool for analysing the evolution of energy markets, helping to understand the challenges and opportunities of a system undergoing continuous transformation.

World Energy Review 2026

A platform to represent the ongoing energy transition process.

Interactive version

Energy in 2025

2025 was characterised by persistent geopolitical tensions, which have intensified further over the course of this year, and by the need to reconcile energy security and sustainability.

The developments observed throughout the year have become even more relevant today, highlighting the need to rethink the scale of investment, as well as how energy demand grows and energy flows interact, confirming an additive model in which traditional energy sources coexist with new ones.

Overall, the WER portrays an energy system undergoing profound transformation, shaped by different yet interconnected dynamics: growing energy demand, increasingly driven by artificial intelligence and data centres; the progressive development of renewable energy sources, alongside the growing importance of new technologies and the complexity involved in managing them; and the continued essential role of conventional energy sources in ensuring security, continuity and affordability.

The analysis confirms that energy security, industrial competitiveness and environmental sustainability are interconnected objectives that need to be pursued in an integrated manner, guided by pragmatism and technological neutrality.

  • 15.7 Gtoe: Energy demand

    +1.3% in 2025 vs 2024 // +1.6% CAGR 2025-2015

  • 80%: Fossil fuels in the energy mix

    83% in 2015

  • >8 bn: Population

    +0.9% in 2025 vs 2024 // +0.1% CAGR 2025-2015

  • 98.4 trillion USD: Real GDP

    +2.9% nel 2025 vs 2024 // +2.7% CAGR 2025-2015

  • 38.2 Gton: CO₂ Emissions

    +0.4% in 2025 vs 2024 // +1.0% CAGR 2025-2015

Evolving energy

Global energy demand

In 2025, the global energy scenario remained highly complex, shaped by the interplay between the energy transition, security of supply, economic competitiveness and technological innovation.

Global energy demand reached around 15.7 Gtoe, increasing by just over 1% compared with 2024, supported by resilient economic activity. Renewable energy continued to expand at a strong pace, although without substantially altering the overall composition of the energy mix: oil, natural gas and coal still accounted for around 80% of global primary energy consumption (vs 83% in 2015).

Global energy scenario

The power sector continued its gradual expansion and transformation: in 2025, global installed capacity and electricity generation increased by around 7% and 3%, respectively, compared with the previous year. Conventional sources accounted for around 65% of total installed capacity, while variable renewables reached approximately 35% and drove most of the capacity growth. At the same time, the evolution of the power mix shows that growth in installed capacity does not automatically translate into an equivalent contribution to electricity generation. While the share of fossil fuels in installed capacity declined from 63% in 2015 to 46% in 2025, the availability and variability of intermittent renewable sources continue to constrain their contribution to generation and require support from conventional sources. Despite the rapid expansion of solar and wind, fossil fuels still account for almost 60% of global electricity generation, while variable renewables as a whole contribute just over 15%. This highlights the need for the gradual integration of different energy sources and technologies to meet growing electricity demand while ensuring the continuity, reliability and resilience of power systems.

In 2025, global energy-related CO₂ emissions, including process emissions, increased by 0.4% compared with 2024, reaching a new record of 38.2 Gt, equivalent to a 1% CAGR over 2015–2025. Coal remained the largest source of global emissions, reflecting its continued significance in the global energy system. Among the largest emitters, China recorded a slight decline in emissions in 2025 (-0.5% vs 2024), although this did not reverse the overall upward trend observed over the past decade (+2.2% CAGR). US emissions increased by 2.4% compared with 2024, while maintaining a gradual downward trajectory over 2015–2025 (-0.8%). In India, emissions remained broadly stable in 2025, while still being part of a strongly rising long-term trend (+3.5%).

World Energy Review 2026

The complete document is available.

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