Global electricity demand, on a trajectory to grow at an average rate of 3.4% from 2024 to 2026, presents a burgeoning challenge. However, the International Energy Agency’s (IEA’s) forecast brings a promising revelation – all additional demand during this period will be met by technologies generating low-emission electricity. The rise of renewable, including solar, wind, and hydro, coupled with the resurgence of nuclear power, is set to play a pivotal role in this transformative journey.
In the dynamic landscape of global energy, the International Energy Agency’s (IEA) latest report, “Electricity 2024,” unfolds a narrative of accelerating demand, a surge in renewable, and a historic peak for nuclear power.
RENEWABLES TO OVERTAKE COAL: A MILESTONE IN 2025
Renewable are on the verge of a historic milestone, projected to constitute more than one-third of total electricity generation by early 2025, surpassing coal. The momentum behind solar and wind power, coupled with advancements in hydroelectric technologies, positions renewable as frontrunners in the global energy landscape.
NUCLEAR POWER’S HISTORIC SURGE: REACHING ALL-TIME HIGH BY 2025
Simultaneously, nuclear power is poised to achieve an unprecedented peak in 2025. The resurgence of nuclear energy is evident as output climbs in France, several Japanese plants come back online, and new reactors commence commercial operations in key markets such as China, India, Korea, and Europe. This surge marks a significant shift in the energy paradigm, showcasing the resilience and potential of nuclear power.
DECOUPLING ELECTRICITY DEMAND AND EMISSIONS: A STRIKING TREND
The IEA’s report signals a decoupling of global electricity demand and emissions, driven by the ascendancy of renewable and nuclear power. Structural declines in emissions from the power sector are anticipated, with a projected decrease of 2.4% in 2024, followed by smaller declines in 2025 and 2026. This shift is crucial as the energy sector increasingly electrifies, with technologies like electric vehicles and heat pumps becoming more prevalent.
GLOBAL TRENDS AND REGIONAL DYNAMICS
While Europe experienced a decline in electricity demand for the second consecutive year in 2023, emerging economies, notably China and India, recorded robust growth. China is projected to lead the global increase in electricity demand, despite a slowdown in economic growth. India, on the other hand, is set to witness the fastest rise in demand among major economies.
In contrast, Africa stands out as an outlier in electricity demand trends. The report highlights stagnant per capita electricity use in Africa for over three decades, underscoring the urgent need for concerted efforts to enhance access to reliable, affordable, and sustainable energy in the region.
THE ROAD AHEAD: PROMISING TRENDS AND URGENT ACTIONS
As the world navigates the complex intersection of growing energy demand, emissions reduction, and technological advancements, the IEA’s report paints a picture of promising trends. The surge in renewable and nuclear power signifies a transformative era in the power sector, laying the foundation for a sustainable and low-emission energy future. However, the report also calls for accelerated progress and international collaboration to address challenges, particularly in regions like Africa, where access to energy remains a critical goal for economic and climate aspirations.
SOLAR ENERGY: ILLUMINATING THE PATH TO SUSTAINABILITY
Solar energy emerges as a shining beacon of clean power. Harnessing the sun’s rays, solar panels convert sunlight into electricity without generating carbon emissions or greenhouse gases. With a small carbon footprint and a lifespan exceeding 25 years, solar power is a cornerstone in the quest for sustainable energy solutions.
WIND POWER: CAPTURING THE BREEZE FOR GREEN ENERGY
Wind turbines gracefully harness the power of the wind, offering a renewable and clean energy source. Unlike traditional power generation methods, wind energy does not release pollutants into the air or water. The result is an eco-friendly solution that helps combat environmental degradation.
HYDROGEN GAS: CLEAN-BURNING FUEL FOR THE FUTURE
Hydrogen gas takes the spotlight as a clean-burning fuel that produces heat and electricity with only water vapour as a by-product. When combined with oxygen in a fuel cell, hydrogen undergoes a transformative process without releasing harmful gases, positioning it as a promising contender for clean energy applications.
NATURAL GAS: CLEAN AND EFFICIENT ENERGY SOURCE
Natural gas, often considered one of the cleanest fuels, presents an efficient energy source with relatively low environmental impact. When burned, it primarily produces carbon dioxide and water vapour, contributing to cleaner power generation compared to traditional fossil fuels.
NATURAL GAS: CLEAN AND EFFICIENT ENERGY SOURCE
Natural gas, often considered one of the cleanest fuels, presents an efficient energy source with relatively low environmental impact. When burned, it primarily produces carbon dioxide and water vapour, contributing to cleaner power generation compared to traditional fossil fuels.
