Global electricity demand is anticipated to experience accelerated growth over the next three years.
That’s according to the latest report from the International Energy Agency (IEA), titled “Electricity 2024”, which emphasises the ongoing transition towards clean energy sources, with renewables and nuclear power expected to play a crucial role in meeting the additional demand.
The IEA’s annual analysis indicates that the global electricity demand, which rose by 2.2% in 2023, is projected to increase at an average rate of 3.4% from 2024 through 2026.
By 2026, low emission energy sources, comprising renewables and nuclear power are expected to constitute almost half of the world’s electricity generation, marking a notable increase from the 40% share observed in 2023.
Renewables, encompassing solar, wind, and hydro, are predicted to surpass coal and make up over one-third of total electricity generation by early 2025.
IEA Executive Director Fatih Birol said: “The power sector currently produces more carbon dioxide 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, with ever cheaper solar leading the way, and support from the important comeback of nuclear power, whose generation is set to reach a historic high by 2025. While more progress is needed and fast, these are very promising trends.”