More Stories

Informist, Tuesday, Mar. 25, 2025

MUMBAI – Global energy demand rose 2.2% in 2024, faster than the average rate of 1.3% over the past decade, led by surge in electricity consumption and record heatwaves, the International Energy Agency said in its Global Energy Review 2025. The rise in energy demand was led by the power sector as electricity demand surged 4.3% on year, well above the 3.2% growth in global GDP, driven by record temperatures, electrification, and digitalisation, it said.

Renewable energy accounted for most of the growth in global energy supply at 38%, followed by natural gas at 28%, coal at 15%, oil at 11%, and nuclear at 8%, the energy watchdog said. Emerging and developing economies accounted for more than 80% of global energy demand growth. China witnessed the largest demand growth in absolute terms, followed by India.

Energy demand in advanced economies rose almost 1% in 2024 after several years of declines, the agency said. The US saw the third-largest absolute demand growth last year, while the European Union returned to growth for the first time since 2017. Global oil demand rose 0.8% in 2024, against a rise of 1.9% in 2023, it said.

Natural gas saw the strongest demand growth among fossil fuels. Demand rose 2.7% in 2024, rising by 115 billion cubic metres, compared with an average of around 75 bcm annually over the past decade, it said. China had the largest absolute growth in gas demand last year of over 7%, along with firm growth in other emerging and developing economies in Asia. Gas demand increased around 2% in the US.

Global coal demand rose 1% last year. "Power generation was the main driver of growth as high temperatures pushed up electricity consumption for cooling. Intense heatwaves drove coal use higher in both China and India, which together represented the large majority of the global demand increase of around 65 million tonnes of coal equivalent," the IEA said.  End

Reported by Ashutosh Pati

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.