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Global Energy Consumption In 2024 Surpasses All Previous Decade

by News Editor

March 25, 2025

Global energy consumption soared in 2024, surpassing the entire previous decade, driven by a surge in electricity demand and declining oil use, as reported by the International Energy Agency (IEA).

Key Insights

Energy demand increased by 2.2% in 2024, nearly double the average rise between 2013 and 2023.
Oil demand fell below 30% for the first time in 50 years, marking a significant shift.
Electricity usage climbed over 4%, equating to more than Japan’s annual consumption—an all-time high outside recession recovery years.
The electricity boom is attributed to increased usage of cooling systems due to record temperatures, growing industrial needs, data centers, AI, and transport electrification.

Impactful Trends

IEA Chief Fatih Birol noted the rapid growth in electricity use has reversed the trend of declining energy consumption in developed economies.

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Emerging Stories

One in five cars sold globally is electric, with a projected sales increase of over 25% in 2024.

Renewables and nuclear powered 80% of the additional electricity use in 2024, now making up 40% of global electricity production for the first time.

Gas consumption also rose significantly—by 115 billion cubic meters, a 2.7% increase over the previous decade’s average.

Economic Contributions

Emerging and developing economies accounted for 80% of the global energy consumption rise, despite a slowdown in China’s growth.

In developed nations, consumption grew by 1% following years of decline, highlighting revitalized demand.

The Future Forbes Realty Global Properties

Cyprus Lawmakers Push Changes To Foreign Property Ownership Law

by THEFUTURE.TEAM

March 30, 2026

Legislative Initiative Ahead Of Parliamentary Dissolution

Members of the Committee on Internal Affairs approved amendments to the law regulating real estate acquisition by foreign nationals. The proposal is expected to be submitted for a plenary vote before a possible parliamentary dissolution ahead of elections. Timing reflects efforts to complete the legislative process within the current parliamentary term.

Streamlined Revisions And Timely Delivery

Aristos Damianou said the committee has finalized key amendments. The revised text is expected to be circulated to members by Monday. He said the aim is to bring the proposal to a plenary vote before any dissolution. Timeline is aligned with the parliamentary schedule.

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Balancing Economic Prospects With National Security

Marinos Sizopoulos said foreign investment brings benefits but also carries risks. He noted the need to avoid excessive concentration of land ownership by non-nationals. Discussion focused on balancing investment flows with national security considerations.

Preventing Monopolistic Trends In High-Value Sectors

Lawmakers raised concerns about the potential concentration of assets in key sectors. Discussion included risks linked to companies operating through local entities. Focus extends to sectors such as hospitality, energy and healthcare. Concerns also cover acquisitions in strategically sensitive areas.

Amendments are expected to be voted on before a potential parliamentary dissolution. Outcome will shape rules governing foreign real estate investment.