Global demand for electricity in 2024 and 2025 will be the highest in 20 years, the International Energy Agency (IEA) predicts.
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What is causing the growth
This is driven by robust economic growth, extreme heat and increased adoption of electricity-powered technologies such as electric vehicles and heat pumps.
According to the IEA's semi-annual report, global electricity demand will grow by about 4% in 2024 compared with 2.5% in 2023.
This would represent the highest annual growth rate since 2007, excluding the exceptional recovery observed after the global financial crisis and the COVID-19 pandemic.
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In the first half of 2024, several regions faced severe heat waves , which increased demand and put a strain on electrical systems, the report says.
Renewable electricity sources will also expand rapidly this year and next. Their share of global electricity supply is projected to increase from 30% in 2023 to 35% in 2025.
The amount of energy produced by renewable energy sources worldwide in 2025 is likely to surpass volume produced by using coal.
Solar energy alone is expected to cover about half of the growth in global electricity demand in 2024 and 2025, while photovoltaics and wind together will cover up to three-quarters of the increase.
However, the report says, despite the sharp increase in use renewable energy sources, global electricity production from coal is unlikely to decline this year due to strong demand growth, especially in China and India.
As a result, carbon dioxide emissions in the global energy sector are reaching a plateau, and a slight increase is expected in 2024, followed by a decline in 2025.
In September 2023, the International Energy Agency announced the beginning of the end of the fossil fuel era. According to the agency, before the end of the decade, the combined demand for oil, natural gas and coal will peak and then begin to decline.
In December, the IEA said that renewable energy has broken records for 22 years in a row, with the largest growth in China. Three-quarters of the added capacity comes from solar panels, with wind power lagging behind.
- Energy