The world’s energy bill for 2022 is set to be the highest ever, topping US$10 trillion (£8.3 trillion). This is the total price paid for all forms of energy across all sectors by all people. Something like 80% of this bill is for coal, oil or gas, or for electricity generated from these fossil fuels.
Our addiction to energy is equivalent to more than 10% of global GDP. Infuriatingly, a lot of the energy we buy goes up in smoke or wasted heat before it even gets a chance to do any useful heating, cooling, cooking, transporting or manufacturing. Energy spending is now greater than total global tax revenue or corporate profits and dwarfs military expenditure. When energy prices are high, as they are now, a good proportion of our overall energy bill becomes profit in the pockets of oil and gas producers.
