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A new report from the International Energy Agency (IEA) argues that the amount of new renewable energy capacity installed worldwide has reached around 700 GW, of which 550 GW is solar energy alone. In this context, Brazil has contributed more than 16.5 GW of photovoltaic capacity. Fossil fuels still account for 60% of global electricity generation, but the mix is ??changing, with renewables and nuclear energy expected to account for two-fifths of total global generation for the first time by 2024. Global energy demand grew at an above-average pace in 2024 as electricity consumption increased worldwide, with rising supplies from renewables and natural gas meeting the bulk of the additional energy needs, according to a new report from the International Energy Agency (IEA). The report finds that global energy demand increased by 2.2% last year, below GDP growth of 3.2% but above the average annual demand growth of 1.3% between 2013 and 2023. The acceleration in global energy demand growth in 2024 was led by the power sector, with global electricity consumption increasing by nearly 1,100 terawatt-hours, or 4.3%. This was almost double the annual average of the past decade. The sharp increase in global electricity consumption last year was driven by record-high global temperatures, which boosted demand for cooling in many countries, as well as increased industrial consumption, the electrification of transportation, and the growth of data centers and artificial intelligence. Renewable supply On the supply side, the expansion of low-emission sources covered most of the increase in global electricity demand in 2024. The amount of new renewable energy capacity installed worldwide amounted to around 700 GW, setting a new annual record for the twenty-second consecutive year. By 2024, global electricity production is projected to grow by more than 1,200 TWh, with renewables accounting for nearly three-quarters of this increase. Solar photovoltaics led the increase, with nearly 480 TWh. Global solar photovoltaic generation has doubled roughly every three years since 2016, and will do so again between 2021 and 2024. Wind power was the second-largest source of renewable electricity production, with 180 TWh. However, the annual growth rate of 8% was the lowest in the past two decades due to licensing issues in several regions. Hydropower generation also increased by 190 TWh due to wet weather in several major markets. China was one of the main drivers of growth, with nearly two-thirds of all renewable capacity connected to the grid by 2024. The European Union also played a significant role, installing around 60 GW of solar PV capacity. In the United States, nearly 50 GW of new solar PV capacity was added to the grid. Brazil also stands out in the report, with record growth of 16.5 GW in solar PV capacity, thanks to large additions in centralized generation and the continued deployment of distributed generation. Meanwhile, wind capacity additions in Brazil decreased compared to the previous year. The IEA report also highlighted that emerging markets and developing economies outside of China saw a significant 80% annual increase in electric vehicle sales, while Brazil saw a 140% increase in electric vehicle sales last year. Electricity generation from fossil fuels increased by just over 1% in 2024, accounting for less than a fifth of global electricity generation growth. Natural gas generation increased by around 2.5% year-on-year, significantly more than in 2023, thanks to lower natural gas prices in most major markets and warm weather in some regions. Output from coal-fired power plants increased by less than 1% in 2024, half the growth rate recorded the previous year. Fossil fuels accounted for nearly 60% of electricity generation in 2024, but the energy mix is ??evolving Coal remained the worlds largest source of electricity generation, a position it held for more than 50 years. By 2024, it will account for 35% of total power generation. Natural gas was the second largest source of electricity, providing over 20% of the worlds electricity for more than two decades. Oil-fired power plants generated only a small percentage of the total. However, the global energy mix is ??evolving. For the first time, electricity generation from renewables and nuclear power covered two-fifths of total global electricity generation in 2024. Renewables collectively accounted for one-third of electricity generation, led by hydropower (14% of total electricity generation), wind (8%), solar photovoltaic (7%), and bioenergy and waste (3%). Nuclear power covered 9% of global electricity generation. |
