Global energy demand grows faster-than-average in 2024: IEA
PARIS
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, the International Energy Agency (EIA) has said in a report.
The report, Global Energy Review, found that global energy demand rose by 2.2 percent last year – lower than GDP growth of 3.2 percent but considerably faster than the average annual demand increase of 1.3 percent between 2013 and 2023.
Emerging and developing economies accounted for over 80 percent of the increase in global energy demand in 2024, said the report.
This was despite slower growth in China, where energy consumption rose by less than 3 percent, half its 2023 rate and well below the country’s recent annual average, it added.
“After several years of declines, advanced economies saw a return to growth, with their energy demand increasing by almost 1 percent in aggregate,” the report noted.
The acceleration in global energy demand growth in 2024 was led by the power sector, with global electricity consumption surging by nearly 1,100 terawatt-hours, or 4.3 percent, the report found.
The expanding supply of low-emissions sources covered most of the increase in global electricity demand in 2024, it said.
The amount of new renewable power capacity installed worldwide rose to around 700 gigawatts, setting a new annual record for the 22nd consecutive year, according to the report.
Nuclear power capacity additions reached their fifth highest level in the past three decades.
“As a result, 80 percent of the increase in global electricity generation in 2024 was provided by renewable sources and nuclear, which together contributed 40 percent of total generation for the first time,” it said.
