Paris: The International Energy Agency (IEA) said on Monday that energy demand in advanced economies climbed after years of decline, driven by rapid electricity growth.
According to Kuwait News Agency, the agency's report highlighted a 2.2 percent increase in global energy demand last year, a figure that, while lower than the 3.2 percent growth in GDP, surpasses the average annual increase of 1.3 percent recorded between 2013 and 2023. The report attributed over 80 percent of this demand surge to emerging and developing economies, despite China's slower growth, where energy consumption rose by less than 3 percent.
The IEA emphasized that the escalation in global electricity consumption was fueled by record global temperatures, which increased cooling demands, alongside rising industrial consumption, transportation electrification, and the expansion of data centers and artificial intelligence. Fatih Birol, the Executive Director of the IEA, noted the prevailing uncertainty in global energy narratives and stressed that the report offers clear, data-driven insights into global energy trends.
Birol underscored that electricity consumption is rapidly growing, reversing the decline in energy consumption witnessed in advanced economies. He projected that demand for all major fuels and energy technologies will rise in 2024, with renewable energy leading this growth, followed by natural gas.
Furthermore, Birol highlighted the significant expansion of solar, wind, nuclear, and electric vehicle energy, which is gradually decoupling economic growth from emissions, signaling a transformative shift in energy dynamics globally.
The International Energy Agency (IEA) operates as an independent body, offering comprehensive data, policy recommendations, and support to the global energy sector, with a mission to advance energy security, economic growth, and environmental sustainability worldwide.