In 2024, global energy consumption increased considerably over the years earlier. The most important engine of this development was the electricity, but the demand for natural gas, oil and coal has also increased.
In his “Global Energy Review” published on Monday, the IEA delivers a global assessment of trends in the energy sector for 2024, based on the latest data. “It is clear that electricity consumption is growing rapidly and the entire energy requirement stimulates so that years of deterioration in the developed economies are reversed,” explains IEA director Fatih Birol. “The result is an increased demand for all important energy sources, in which renewable energies are the largest share of growth, followed by natural gas.”
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The demand for natural gas increased by 115 billion cubic meters or 2.7 percent in 2024. The oil requirement increased by 0.8 percent, with the share of oil in the total energy consumption falling below 30 percent for the first time. In the meantime, every fifth new car is an electric car, which has considerably influenced the decrease in oil demand for road traffic. The global coal issue increased by one percent in 2024.
Throwing and developing countries contributed more than 80 percent to the increase in energy consumption, despite the slower growth in China, whose energy consumption rose by less than three percent half to 2023 and well below its last annual average. In the industrialized countries, a consumption increase of almost one percent was again registered after a few years of decline.
Record temperatures dismissed electricity consumption
In 2024, electricity consumption increased by 1100 Terawatt hours or 4.3 percent. According to the IEA, the reason for this was record temperatures that increased the demand for cooling, as well as increasing industrial consumption, the electrification of traffic and the growth of data centers and artificial intelligence.
The newly installed capacity of renewable energies reached around 700 Gigawatt – a new record value. The expansion of nuclear energy has reached the fifth highest level of the past two decades. This generated 80 percent of the extra electricity of renewable energy sources and nuclear energy, which for the first time formed 40 percent of global electricity generation. The electricity generation from natural gas also increased steadily to cover the increasing demand.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
