IEA Global Energy Review 2024/आईईए ग्लोबल एनर्जी रिव्यू 2024:

IEA Global Energy Review 2024:

Global Energy Demand:

• Global energy demand grew by 2.2% in 2024, driven primarily by emerging economies, which accounted for over 80% of the growth.

• Electricity demand led the energy sector’s growth, rising by 4.3%, nearly double the decade’s annual average.

Renewable Energy Growth:

• Renewable power capacity rose by 700 GW in 2024, setting a new record for the 22nd consecutive year.

• Renewables, combined with nuclear energy, contributed to 80% of the rise in global electricity from low-emission sources.

• Solar energy contributed 480 TWh, wind added 180 TWh, and hydropower rose by 190 TWh due to favorable weather.

Regional Highlights:

• China:

  • Accounted for two-thirds of global renewable capacity additions.

  • Added 340 GW of solar and 80 GW of wind capacity.

• India:

  • Continued to rely heavily on coal, with nearly three-quarters of electricity generated from the fuel.

Coal and its Decline:

• Global coal demand increased by a modest 1% in 2024, though its share in the global electricity mix dropped to 35%, the lowest since the IEA’s inception in 1974.

• Coal usage remains concentrated in China, India, some Southeast Asian countries, and South Africa.

Natural Gas Trends:

• Natural gas demand reached an all-time high, rising by 2.7% to 115 billion cubic metres in 2024.

• Asia, particularly China, led the growth due to heatwaves and increased adoption of LNG trucks.

• Demand for LNG fluctuated, turning negative in late 2024 due to high spot prices.

Broader Themes:

1. Renewables as a Driving Force: Renewable energy is leading new electricity capacity globally.

2. Emerging Economies in Focus: Energy growth patterns are shaped by emerging economies, particularly in Asia.

Lessons for LNG Producers:

• Price competitiveness is crucial for sustained demand in Asia, highlighting the trade-off between volume growth and high prices.

Main Trend:

• While fossil fuel demand still grows, renewables are expanding faster, particularly in the world’s fast-growing regions.