Latest news with #GlobalEnergyReview
Yahoo
15-04-2025
- Business
- Yahoo
New report reveals surprising change in long-running trend in global energy use: 'Puts some clear facts on the table'
Global energy use surged in 2024, and a new report from the International Energy Agency offers the clearest picture yet of why. In its new Global Energy Review, the IEA reports that global energy demand grew by 2.2% last year, which is well above the 1.3% annual average of the previous decade. The biggest driver of this increase was electricity use, fueled by "emerging and developing economies," along with record-breaking heat waves that sent air conditioner use soaring, more data centers, and more electric vehicles (though the report also noted that EVs and other clean tech have significantly reduced demand for dirty energy that creates heat-trapping pollution). The surge even reversed a long-running trend: Advanced economies such as the U.S. and parts of Europe, which had seen energy use decline for years, are using more again. "This new data-driven IEA report puts some clear facts on the table about what is happening globally. … 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," IEA Executive Director Fatih Birol said in a statement. To keep up, more affordable energy sources such as solar and wind are playing a major role. Together with nuclear, renewable sources made up 80% of the increase in global electricity generation in 2024, per the report. And, for the first time ever, they provide 40% of all electricity worldwide. Other reports corroborate this data, including the Canadian Renewable Energy Association's recent announcement that solar, wind, and battery storage in Canada jumped by nearly 50% in five years. This momentum has ripple effects. Electricity demand pushed gas use significantly higher, though the growth in oil demand slowed. This is partly because 1 in 5 new cars sold last year were electric, according to the IEA. Even with the world's economy growing, harmful carbon emissions from energy use rose only slightly and fell by 1.1% in advanced countries. Another recent study found that if we go all in on clean energy, we could cut energy costs by nearly 60% and certain pollution-related social impacts, including on health, by more than 90%. Do you think the U.S. should tax goods from China? Definitely No way Only certain goods I'm not sure Click your choice to see results and speak your mind. The Global Energy Review shows that, at the very least, we're taking steps in the direction of a cleaner, healthier planet. "The strong expansion of solar, wind, nuclear power and EVs is increasingly loosening the links between economic growth and emissions," Birol added. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Trade Arabia
25-03-2025
- Business
- Trade Arabia
Global energy demand growth surges to twice of recent average
Global energy demand grew at a faster-than-average pace in 2024 as the consumption of electricity rose around the world – with increased supply of renewables and natural gas covering the majority of additional energy needs, according to a new IEA report. The latest edition of the IEA's Global Energy Review, published on Monday, is the first global assessment of 2024 trends across the energy sector. Based on the most recent data, it covers energy demand, supply, the uptake of new energy technologies and energy-related carbon dioxide (CO2) emissions. The report finds that global energy demand rose by 2.2% last year – lower than GDP growth of 3.2% but considerably faster than the average annual demand increase of 1.3% between 2013 and 2023. Emerging and developing economies accounted for over 80% of the increase in global energy demand in 2024. This was despite slower growth in China, where energy consumption rose by less than 3%, half its 2023 rate and well below the country's recent annual average. After several years of declines, advanced economies saw a return to growth, with their energy demand increasing by almost 1% in aggregate. The acceleration in global energy demand growth in 2024 was led by the power sector, with global electricity consumption surging by nearly 1,100 terawatt-hours, or 4.3%. This was nearly double the annual average over the past decade. The sharp increase in the world's electricity use last year was driven by record global temperatures, which boosted demand for cooling in many countries, as well as by rising consumption from industry, the electrification of transport, and the growth of data centres and artificial intelligence. RENEWABLE RECORD The expanding supply of low-emissions sources covered most of the increase in global electricity demand in 2024. The amount of new renewable power capacity installed worldwide rose to around 700 gigawatts, setting a new annual record for the 22nd consecutive year. Nuclear power capacity additions reached their fifth highest level in the past three decades. As a result, 80% of the increase in global electricity generation in 2024 was provided by renewable sources and nuclear, which together contributed 40% of total generation for the first time. The supply of natural gas-fired generation also increased steadily to cover rising electricity demand. 'There are many uncertainties in the world today and different narratives about energy – but this new data-driven IEA report puts some clear facts on the table about what is happening globally,' said IEA Executive Director Fatih Birol. '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. The result is that demand for all major fuels and energy technologies increased in 2024, with renewables covering the largest share of the growth, followed by natural gas. And the strong expansion of solar, wind, nuclear power and EVs is increasingly loosening the links between economic growth and emissions.' As a result of higher power consumption, natural gas saw the strongest increase in demand among fossil fuels in 2024. Gas demand rose by 115 billion cubic metres (bcm), or 2.7%, compared with an average of around 75 bcm annually over the past decade. OIL'S SHARE DECLINES Meanwhile, oil demand grew more slowly, rising by 0.8% in 2024. Oil's share of total energy demand fell below 30% for the first time ever, 50 years after it peaked at 46%. Sales of electric cars rose by over 25% last year, with electric models accounting for one in five cars sold globally. This contributed considerably to the decline in oil demand for road transport, which offset a significant proportion of the rise in oil consumption for aviation and petrochemicals. Global coal demand rose by 1% in 2024, half the rate of increase seen the previous year. According to the report, intense heatwaves in China and India – which pushed up cooling needs – contributed more than 90% of the total annual increase in coal consumption globally, highlighting the major impacts extreme weather can have on energy demand patterns. TECH HELPS CONTAIN EMISSIONS The continued rapid adoption of clean energy technologies limited the annual rise in energy-related carbon dioxide (CO2) emissions, which are increasingly decoupling from economic growth, according to the report. Record temperatures contributed significantly to the annual 0.8% rise in global CO2 emissions to 37.8 billion tonnes. But the deployment of solar PV, wind, nuclear, electric cars and heat pumps since 2019 now prevents 2.6 billion tonnes of CO2 annually, the equivalent of 7% of global emissions. CO2 emissions in advanced economies fell by 1.1% to 10.9 billion tonnes in 2024 – a level last seen 50 years ago, even though the cumulative GDP of these countries is now three times as large. The majority of emissions growth in 2024 came from emerging and developing economies other than China. Though emissions growth in China slowed in 2024, the country's per-capita emissions are now 16% above those of advanced economies and nearly twice the global average. 'From slowing global oil demand growth and rising deployment of electric cars to the rapidly expanding role of electricity and the increasing decoupling of emissions from economic growth, many of the key trends the IEA has identified ahead of the curve are showing up clearly in the data for 2024,' Dr Birol said. -
Zawya
25-03-2025
- Business
- Zawya
Global energy demand growth surges to twice of recent average
Global energy demand grew at a faster-than-average pace in 2024 as the consumption of electricity rose around the world – with increased supply of renewables and natural gas covering the majority of additional energy needs, according to a new IEA report. The latest edition of the IEA's Global Energy Review, published on Monday, is the first global assessment of 2024 trends across the energy sector. Based on the most recent data, it covers energy demand, supply, the uptake of new energy technologies and energy-related carbon dioxide (CO2) emissions. The report finds that global energy demand rose by 2.2% last year – lower than GDP growth of 3.2% but considerably faster than the average annual demand increase of 1.3% between 2013 and 2023. Emerging and developing economies accounted for over 80% of the increase in global energy demand in 2024. This was despite slower growth in China, where energy consumption rose by less than 3%, half its 2023 rate and well below the country's recent annual average. After several years of declines, advanced economies saw a return to growth, with their energy demand increasing by almost 1% in aggregate. The acceleration in global energy demand growth in 2024 was led by the power sector, with global electricity consumption surging by nearly 1,100 terawatt-hours, or 4.3%. This was nearly double the annual average over the past decade. The sharp increase in the world's electricity use last year was driven by record global temperatures, which boosted demand for cooling in many countries, as well as by rising consumption from industry, the electrification of transport, and the growth of data centres and artificial intelligence. RENEWABLE RECORD The expanding supply of low-emissions sources covered most of the increase in global electricity demand in 2024. The amount of new renewable power capacity installed worldwide rose to around 700 gigawatts, setting a new annual record for the 22nd consecutive year. Nuclear power capacity additions reached their fifth highest level in the past three decades. As a result, 80% of the increase in global electricity generation in 2024 was provided by renewable sources and nuclear, which together contributed 40% of total generation for the first time. The supply of natural gas-fired generation also increased steadily to cover rising electricity demand. 'There are many uncertainties in the world today and different narratives about energy – but this new data-driven IEA report puts some clear facts on the table about what is happening globally,' said IEA Executive Director Fatih Birol. '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. The result is that demand for all major fuels and energy technologies increased in 2024, with renewables covering the largest share of the growth, followed by natural gas. And the strong expansion of solar, wind, nuclear power and EVs is increasingly loosening the links between economic growth and emissions.' As a result of higher power consumption, natural gas saw the strongest increase in demand among fossil fuels in 2024. Gas demand rose by 115 billion cubic metres (bcm), or 2.7%, compared with an average of around 75 bcm annually over the past decade. OIL'S SHARE DECLINES Meanwhile, oil demand grew more slowly, rising by 0.8% in 2024. Oil's share of total energy demand fell below 30% for the first time ever, 50 years after it peaked at 46%. Sales of electric cars rose by over 25% last year, with electric models accounting for one in five cars sold globally. This contributed considerably to the decline in oil demand for road transport, which offset a significant proportion of the rise in oil consumption for aviation and petrochemicals. Global coal demand rose by 1% in 2024, half the rate of increase seen the previous year. According to the report, intense heatwaves in China and India – which pushed up cooling needs – contributed more than 90% of the total annual increase in coal consumption globally, highlighting the major impacts extreme weather can have on energy demand patterns. TECH HELPS CONTAIN EMISSIONS The continued rapid adoption of clean energy technologies limited the annual rise in energy-related carbon dioxide (CO2) emissions, which are increasingly decoupling from economic growth, according to the report. Record temperatures contributed significantly to the annual 0.8% rise in global CO2 emissions to 37.8 billion tonnes. But the deployment of solar PV, wind, nuclear, electric cars and heat pumps since 2019 now prevents 2.6 billion tonnes of CO2 annually, the equivalent of 7% of global emissions. CO2 emissions in advanced economies fell by 1.1% to 10.9 billion tonnes in 2024 – a level last seen 50 years ago, even though the cumulative GDP of these countries is now three times as large. The majority of emissions growth in 2024 came from emerging and developing economies other than China. Though emissions growth in China slowed in 2024, the country's per-capita emissions are now 16% above those of advanced economies and nearly twice the global average. 'From slowing global oil demand growth and rising deployment of electric cars to the rapidly expanding role of electricity and the increasing decoupling of emissions from economic growth, many of the key trends the IEA has identified ahead of the curve are showing up clearly in the data for 2024,' Dr Birol said. - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Hi Dubai
25-03-2025
- Automotive
- Hi Dubai
Global Energy Demand Surged in 2024, Led by Renewables and Natural Gas
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
Euronews
24-03-2025
- Business
- Euronews
Air conditioner use driving up emissions as global heating bites
ADVERTISEMENT The rate of increase in global energy demand shot up last year, driving increased greenhouse gas emissions even with renewable energy and nuclear power supplying bulk of new electricity generation capacity. The International Energy Agency reported on Monday a 2.2% increase in global energy demand last year, almost double the average of 1.3% a year recorded in the decade to 2023. But electricity use saw a whopping 4.3% surge, driven by increased demand from data centres, electric cars – and notably, air conditioners. Extreme weather conditions, especially heat waves in China, India and the United States were behind a fifth of the increased demand for natural gas and electricity last year, and all of a 123 million-tonne (1.4%) increase in the volume of coal burned, chiefly in power stations, the Paris-based intergovernmental agency reported. 'The heat waves around the world, in turn, pushed the electricity demand growth, which in turn gives a push – in some countries like China and India – to coal consumption growth,' IEA president Fatih Birol told reporters while presenting the 2025 edition of the Global Energy Review. The clear trend prompted the IEA to abandon late last year its forecast that coal burning was set to peak in the near future, with global demand hitting 8.7 billion tonnes in 2024. Related 'Unstoppable' shift to clean energy will see demand for fossil fuels peak before 2030, IEA says All this means that, despite renewables like solar and wind covering 38% of the additional global energy demand – and nuclear contributing 8% while hitting a global generation record – over half of the increase was met by a combination of coal, oil and gas, reflected by a 0.8% increase in energy-related carbon emissions. While this is only about two-thirds of the rate of increase seen the previous year, the trend remains very much an upward one, calling into question once more the global appetite for climate action and the net-zero emissions goal that the scientific consensus suggests is the bare minimum needed to arrest rising temperatures. 'If we want to find the silver lining, we see that there is a continuous decoupling of economic growth from emissions growth,' said Laura Cozzi, who leads the IEA's work on energy sustainability and was lead author of the report. The global economy grew by 3.2% last year, considerably more than overall energy use, returning to a long-term average after some COVID-era turbulence. In addition, the world appears to be on track to meet the pledge made at the COP28 climate summit in Dubai in 2023 to treble the rate of renewables deployment by the end of the decade, Cozzi said. 'For renewables, we are very, very close – we are at around a 2.7 [times] increase by 2030.' But as the latest IEA report shows, the same is not true of the pledge to double the rate of annual energy efficiency improvements – a proxy for demand reduction – also agreed at the global climate summit that the UN hailed as the 'beginning of the end' of the fossil fuel era. 'If you look at the trends for…last year, instead of a doubling, we have actually seen a halving,' Cozzi said.
