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.
