Post: Global energy demand surges in 2024

Global energy demand surges in 2024

Global energy demand grew at a faster-than-usual pace in 2024, driven by rising electricity consumption and record heatwaves, according to the International Energy Agency’s (IEA) latest Global Energy Review.

Published on 24 March, the new report notes that global energy demand increased 2.2% in 2024, outpacing the average annual rise of 1.3% seen over the past decade, with emerging and developing economies responsible for over 80% of the overall increase. A key driver of demand growth was the power sector, where global electricity consumption increased 4.3%, nearly double the average annual growth rate over the past ten years. This translated to an increase of almost 1,100TWh, fuelled by rising industrial activity, increased cooling needs, electrification of transport, and the rapid expansion of data centres and artificial intelligence infrastructure.

Nearly all of the rise in electricity demand was met by low-emissions sources, led by the record-breaking expansion of solar PV capacity, with further growth in other renewables and nuclear power. Renewable energy capacity additions hit a record 700GW, the 22nd consecutive year of growth. In total, renewables and nuclear together accounted for 80% of the growth in electricity generation, making up 40% of global electricity output for the first time.

Natural gas demand climbed by 115 billion cubic metres (BCM) – a 2.7% increase, significantly above the 10-year average of 75 BCM annually. Coal demand rose by 1% as extreme heatwaves in India and China pushed up electricity demand for cooling requirements. Oil’s share of total energy demand fell below 30% for the first time ever as increasingly the transport industry moves towards electric vehicles.

Despite the rise in overall energy demand, the report highlights progress in decoupling emissions from economic growth. Global energy-related carbon dioxide (CO2) emissions rose by 0.8% to 37.8B tonnes. According to the IEA, clean energy technologies introduced since 2019 – including solar PV, wind, nuclear, electric vehicles and heat pumps – are now preventing 2.6B tonnes of CO2 emissions annually, or 7% of global emissions.

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