Nations that rely on purchasing energy from abroad faced a $1.7 trillion total bill in 2024 as a result of a deep-seated global reliance on volatile fossil fuel markets. According to the authors of the newly released report, three-quarters of the world’s population live in these net-importing countries, leaving their economies exposed to massive financial losses whenever international supply chains are threatened.
“The dependency comes at a high price. Net importers spent $1.7 trillion on fossil fuel imports in 2024.” “Two-fifths of the global population (92 countries) leak over 3% of GDP abroad in net fossil fuel imports.”
This trillion-dollar expense happens because most nations cannot produce all the fuel they need within their own borders and must instead buy oil and gas from other countries. Because energy prices are set on a global stage, any conflict or closure of a major shipping route causes prices to jump for everyone at once, effectively draining wealth out of importing countries and making basic needs like heating and transport much more expensive.
The report “The energy security fall-out: from fossil fuel fragility to electric independence” was published by the energy think tank Ember on March 18, 2026. It was prepared by a team of authors led by Daan Walter, Sam Butler-Sloss, and Dave Jones.
