Global energy demand rose by 2.2% in 2024, significantly faster than the average 1.3% annual increase seen over the past decade, according to the International Energy Agency’s (IEA) latest Global Energy Review, released today. The growth was driven largely by increased electricity consumption, with renewables and natural gas meeting the majority of additional demand.
The report highlights that while global GDP grew by 3.2%, energy demand lagged slightly, indicating growing efficiency. Emerging and developing economies accounted for over 80% of the energy demand growth, even as China’s energy use slowed, rising less than 3%—half its 2023 pace. Meanwhile, advanced economies saw energy demand grow by 1% after years of declines.
Electricity consumption surged by 1,100 terawatt-hours (4.3%), nearly twice the decade average. This was driven by:
- Extreme global heatwaves increasing demand for cooling
- Rising electricity use in industry, transport electrification
- Growth of data centres and AI applications
A record 700 GW of new renewable capacity was added in 2024—the 22nd consecutive annual record. Nuclear power also saw strong growth, contributing to the fact that 80% of the increase in global electricity generation came from renewables and nuclear, which together accounted for 40% of total generation for the first time.
Natural gas generation also grew steadily to cover additional demand. Among fossil fuels, natural gas posted the strongest growth, up 2.7% (115 bcm)—well above its 10-year average.
- Oil demand rose just 0.8%, dropping below 30% of global energy use for the first time in over 50 years.
- Electric vehicle (EV) sales jumped 25%, with 1 in 5 new cars sold globally being electric—offsetting road transport oil demand.
- Coal demand grew by 1%, half of 2023’s rate, driven largely by heatwave-related cooling needs in China and India.
Global energy-related CO₂ emissions rose by just 0.8%, reaching 37.8 billion tonnes, largely due to weather-driven electricity demand. Yet the rapid adoption of clean technologies—solar, wind, EVs, heat pumps, and nuclear—now prevents 2.6 billion tonnes of CO₂ annually, or 7% of global emissions.
- Advanced economies reduced emissions by 1.1%, despite GDP growth—bringing emissions down to levels not seen in 50 years.
- China’s emissions growth slowed, but its per-capita emissions are now 16% higher than advanced economies and nearly double the global average.
IEA Executive Director Fatih Birol commented:
“Electricity use is growing rapidly, pulling energy demand with it. Renewables are covering the largest share of that growth, followed by natural gas. Meanwhile, solar, wind, nuclear, and EVs are increasingly weakening the link between economic growth and emissions.”
News Source: Emirates News Agency
