RIYADH: As a result of growing electricity consumption and the expansion of emerging economies, global energy demand increased by 2.2 percent in 2024, which was above normal. The International Energy Agency’s analysis revealed that last year’s increase exceeded the 1.3 percent yearly average observed from 2013 to 2023. Global electricity consumption increased by around 1,100 terawatt-hours, or 4.3%, with the power industry leading the drive.
Numerous causes contributed to the increase in energy consumption, such as the proliferation of data centres and artificial intelligence, the electrification of transportation, greater industrial use, and the increased cooling demand brought on by extreme temperatures. In the report, IEA Executive Director Fatih Birol stated, “What is certain is that electricity use is growing rapidly, pulling overall energy demand along with it to such an extent that it is enough to reverse years of declining energy consumption in advanced economies.”
With 38% of the expansion in the world’s energy supply coming from renewable sources, natural gas came in second with 28%, coal with 15%, oil with 11%, and nuclear with 8%. Natural gas and renewable energy sources accounted for the majority of the 2024 rise in demand for all main fuels and energy technologies. Additionally, the connections between emissions and economic growth are becoming less evident due to the robust growth of solar, wind, nuclear, and electric cars, Birol continued.
For the second year in a row, new renewable energy installations reached all-time highs. In 2024, around 700 gigawatts of additional capacity were installed, with about 80 percent coming from solar photovoltaic.
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