- Publication date
- 26 January 2024
- European Climate, Infrastructure and Environment Executive Agency
In an era where the global energy landscape is undergoing transformative shifts, the International Energy Agency (IEA) presents a compelling analysis in its recent report, “Electricity 2024“. As societies embrace technologies reliant on electricity, from electric vehicles to heat pumps, the importance of a sustainable and secure power supply cannot be overstated.
The International Energy Agency (IEA) predicts a faster growth in global electricity demand over the next three years, with 85% of the increase coming from outside advanced economies, notably China, India, and Southeast Asia. The report indicates a shift towards low-emission sources, such as renewables and nuclear power, which are expected to constitute almost half of the world’s electricity generation by 2026, reducing the role of fossil fuels. Renewables are set to surpass coal in providing one-third of global electricity by early 2025.
The report highlights a decline in global emissions from electricity generation, projecting a 2.4% decrease in 2024. Despite lower electricity prices in 2023, regional variations impact economic competitiveness. Emerging economies show robust electricity demand growth, with China leading in volume, and India experiencing the fastest growth among major economies. However, the report notes stagnant electricity use per capita in Africa for over three decades, emphasizing the need for international collaboration to address this challenge.
Table of Contents:
- Global electricity demand rose moderately in 2023 but is set to grow faster through 2026
- Emerging and developing economies are the engines of global electricity demand growth
- Slim chances of a quick recovery for energy-intensive industries in the European Union
- Clean electricity supply is forecast to meet all of the world’s demand growth through 2026
- Nuclear power generation is on track to reach a new record high by 2025
- Emissions from electricity generation are entering structural decline as decarbonisation gathers pace
- Wholesale electricity prices remain above pre-Covid levels in many countries
- Growing weather impacts on power systems highlight the importance of investing in electricity security