The cost of our energy consumption across the globe

As increasing pressure is placed on the individuals to improve their environmental footprint, just how much energy are we consuming each day and how much is it costing us?

Compare the Market has analysed the energy consumption of 21 countries to reveal their cost of energy in 24 hours, as well as highlighting the countries that are using the most and least renewable energy in their total consumption. You can view the graphic here. 

The countries with the top energy consumption include:

China ranks as the country consuming the highest amount of energy in one day, with it costing them a mind-blowing $4,261.4m (over $4.2bn) in just 24 hours for the energy they consume. This figure comes from the country holding a whopping $1.4bn people, which is over a seventh of the total number of people on Earth. 

China’s daily consumption of energy is also equivalent to 417,900 olympic-sized swimming pools worth of crude oil. This figure is just under 17 days worth of energy consumed in the UK, which uses just 24,600 swimming pools worth of crude oil in 24 hours. Per year in China, this consumption equates to 152 million swimming pools worth of crude oil, an astonishing figure.

The second highest consumer is the United States, with their energy consumption costs sitting at nearly $3,000m ($3bn) per day. Across the pond, the US in 24 hours consumes 293,700 swimming pools worth of crude oil. In third is India with a daily consumption costing $1,053m ($1bn), followed by Russia at $938m.

The UK ranks 11th for its daily energy consumption cost, with the likes of Mexico, Brazil, Germany and South Korea all featuring higher up in the leaderboard. Each day, costs reach over $250m, equating to 246 olympic swimming pools of crude oil. 

It is clear that there are improvements to be made by all countries across the globe on their energy consumption levels, with the adoption of renewable energy being key to driving toward a more environmentally-friendly future. 

With renewable energy varying from wind, solar, hydropower and bioenergy, there are an increasing number of more environmentally-friendly options for producing the energy that we use each day. 

The countries with the highest proportion of renewable energy include:

Germany leads ahead of the world with a renewable energy consumption of 12.74% of their total energy use. This European nation is on an energy revolution aimed at replacing its fossil fuels with wind and solar technology, which scientists agree is pivotal for every country to adopt in order to avoid a climate disaster across the globe. 

In particular, Germany has been working to reduce its coal use, with the first half of 2019 seeing the country use more renewable sources of energy to produce electricity than coal and nuclear power combined, a first for the country. In addition, renewables accounted for 40% of Germany’s electricity consumption in 2018, and more work is being done to continue the rise in renewable energy use.

The UK ranks second in their renewable energy use at 11.05% in the country’s total consumption. Wind power has been particularly prevalent, with a new energy record set just a few days ago when wind provided over 40% of the nation’s power.  

The USA ranks at 10th with a renewable energy proportion of less than half that of the UK and nearly three times less that of Germany at 4.32%.Other countries with a particularly low consumption include Mexico at 1.65%, South Korea at 1.63% and Russia at 0.04%. And whilst the likes of Germany and the UK are leading the way, it is critical that these figures continue to rise over the next few years for all countries across the globe.

Peter Earl from the Energy team at Compare the Market, said: “It’s very important to not only be aware of how much energy from non-renewable sources is being used both individually and globally, but to put that in a context that everyone can understand.

Championing the countries that are leading the way in using renewable energy is equally important and we are proud to see the UK is one of the countries highest up in the league table.”

To see more on the way the world uses renewable and non-renewable energy, and the equivalent cost in crude oil, find the full study here.