Electricity 2024 Report

Electricity 2024 report by IEA predicts a significant increase in global electricity demand over the next three years.

Key Highlights of Electricity report 2024:

• International Energy Agency (IEA) predicted that the global electricity demand would increase in the next three years.
  • IEA is an autonomous intergovernmental organization that provides data, analysis, and policy recommendations on the global energy sector.
• This demand is expected to be met by clean energy technologies, with nuclear power poised to reach a record high in 2025 alongside rapid expansion of renewables.
• These trends could reduce CO2 emissions from the power sector, which currently produces more emissions than any other sector.
• Global generation of fossil fuels falls to less than 60%, it will be the first time in more than 50 years.
• The report forecasts a 3.4% average growth in electricity demand from 2021 to 2026.
• Approximately 85% of the global increase in demand for electricity is predicted to come from India, China, and South-East Asian countries.
• Record-setting generation from solar, wind, hydro, nuclear, and other low-emissions power sources should reduce the reliance on fossil fuels.
• Despite this growth, the report anticipates a decrease in reliance on fossil fuels, with low-emissions sources could comprise nearly half of global electricity generation by 2026.
• Renewables are set to surpass coal in power generation, marking a significant shift away from fossil fuels.
• But Africa saw a stagnant per capita electricity consumption for over three decades.
• There is a need for international collaboration to ensure access to reliable and sustainable energy for all, particularly in African countries.

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