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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.

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.

Price Shifts: Temu And Shein React To Upcoming Tariffs

by News Editor
April 27, 2025

The online shopping world experienced a jolt as Temu and Shein, popular e-commerce platforms, recently adjusted their prices due to impending tariff changes. These platforms, known for offering budget-friendly options, have echoed with changes that might surprise many shoppers.

What Sparked the Price Hike?

Effective next week, a significant tariff will impact goods imported from China. This tariff follows the expiration of the “de minimis” exemption on May 2. This exemption previously allowed American shoppers to skip tariffs on items valued under $800. The new tariff demands a 120% fee or a flat $100 per postal item, increasing to $200 come June 1.

For instance, Temu’s two patio chairs jumped from $61.72 to $70.17 overnight, while a bathing suit on Shein saw a 91% surge in price. Yet, the price landscape isn’t consistently upward; a smart ring on Temu dropped by $3.

Implications for Consumers

Due to economic shifts and evolving trade rules, both Shein and Temu emphasized their efforts to maintain quality and affordability despite costlier operational expenses. They advised consumers to shop before April 25 to dodge the upcoming hikes, though it’s uncertain if this timing affects the 120% tariff applicability.

Impact on Lower-Income Households

The discontinuation of the “de minimis” exemption is poised to hit lower-income families hardest. Reports indicate these households spend a higher income proportion on apparel, and this change could burden them further.

Further economic insights highlight how industries adjust to challenges, such as in the face of AI-driven changes, potentially offsetting emissions concerns with economic gains.

For buyers and businesses alike, the shifting sands of trade laws call for adaptability and forethought.

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