Global energy demand has surged by nearly 1,100 terawatt-hours in 2024, driven largely by a significant increase in electricity use. This represents a 4.3% growth, nearly twice the annual average over the past decade. The rise in electricity consumption was fueled by the electrification of transportation, record-breaking global temperatures, increased industrial activity, and growing demand from data centers and AI applications.
Renewables played a crucial role in meeting this rising energy need, with the world installing 700 gigawatts (GW) of new renewable power capacity last year. This marked the 22nd consecutive record-setting year for renewables, accounting for an impressive 80% of the global electricity supply increase. Nuclear power also saw significant growth, covering 40% of total global electricity generation for the first time.
According to Fatih Birol, IEA executive director, “Electricity use is growing rapidly, pulling overall energy demand along with it.” He noted that the strong expansion of solar, wind, nuclear power, and electric vehicles (EVs) is loosening the links between economic growth and emissions. EV sales surged by over 25% in 2024, now making up 1 in every 5 cars sold globally.
The report also highlights a notable shift towards cleaner energy sources. CO2 emissions in advanced economies fell by 1.1% to 10.9 billion tonnes in 2024 – a level not seen in 50 years. Meanwhile, record temperatures contributed significantly to the annual 0.8% rise in global CO2 emissions.
Overall, the IEA’s latest report suggests that many of the key trends ahead of the curve are showing up clearly in the data for 2024.
Source: https://electrek.co/2025/03/23/evs-power-up-oil-demand-growth-slows-2024s-rapid-global-energy-shift-iea