Increased global electricity demand to be met by low carbon sources

• 9 months ago (2024-01-25)
• David Flin

Renewables 776

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The International Energy Agency (IEA) has produced a new report, Electricity 2024 , that states that global electricity demand is expected to grow at a faster rate over the next three years, with all the additional demand forecast to be covered by technologies that produce low-emissions electricity.

The report finds that global growth in electricity demand is expected to be around 3.4 per cent annually to 2026, with 85 per cent of the increase coming largely from China, India, and Southeast Asia. However, the report also predicts that low-emissions sources will account for almost half of the world’s electricity generation by 2026, up from just under 40 per cent in 2023.

Renewables will make up over one-third of total electricity generation by early 2025, overtaking coal. The report also predicts that by 2025, nuclear power generation will also climb to an all-time high globally as several plants in Japan come back online, output from France increases, and new reactors begin in many markets, including China, India, South Korea, and Europe.

Fatih Birol, Executive Director of IEA, said: “The power sector currently produces more CO2 emissions than any other in the world economy, so it’s encouraging that the rapid growth of renewables and a steady expansion of nuclear power are together on course to match all the increase in global electricity demand over the next three years. This is largely thanks to the huge momentum behind renewables. While more progress is needed, and fast, these are very promising trends.”