The International Energy Agency reports that in 2024, global energy demand increased by 2.2%, largely driven by a 4.3% rise in electricity consumption, primarily supplied by renewables and natural gas. Even advanced economies experienced a rebound in demand after years of decline, with electricity growth leading to higher consumption of renewables, gas, coal, and nuclear. Emerging economies accounted for more than 80% of the growth. They write:
Global energy demand grew at a faster-than-average pace in 2024 as the consumption of electricity rose around the world – with increased supply of renewables and natural gas covering the majority of additional energy needs, according to a new IEA report.
The latest edition of the IEA’s Global Energy Review, published today, is the first global assessment of 2024 trends across the energy sector. Based on the most recent data, it covers energy demand, supply, the uptake of new energy technologies and energy-related carbon dioxide (CO2) emissions.
The report finds that global energy demand rose by 2.2% last year – lower than GDP growth of 3.2% but considerably faster than the average annual demand increase of 1.3% between 2013 and 2023. Emerging and developing economies accounted for over 80% of the increase in global energy demand in 2024. […]
“From slowing global oil demand growth and rising deployment of electric cars to the rapidly expanding role of electricity and the increasing decoupling of emissions from economic growth, many of the key trends the IEA has identified ahead of the curve are showing up clearly in the data for 2024,” Dr Birol said.
Read more here.
