Renewables plugging gap as energy demand rises

Increased renewable energy capacity helped fill the gap as global energy demand grew at a faster-than-average pace in 2024, a report has found.

The International Energy Agency’s annual review found that global energy demand rose by 2.2% last year, 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 despite slower growth in China, where energy consumption rose by less than 3%.

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.

IEA Executive Director Fatih Birol said the report shows 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”.