Newly installed Nexamp solar panels on the roof of the Local 103 headquarters in Dorchester, Massachusetts on October 27, 2022. David L. Ryan/The Boston Globe via Getty Images
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Global energy demand will increase next year, and we will need more renewable energies ability like fossil fuels– the power generated is slowing down – this is the message of a new International Energy Agency (IEA) Electricity market report.
Slower economic growth and globalization energy crisis Global electricity demand is expected to reduce this year, but next year it will accelerate again as the economic outlook improves, rebounding to 3.3%, according to the report.
This year’s demand is expected to increase by less than 2%, compared to 2.3% in 2022. The average annual growth rate from 2015 to 2019 was 2.4%.
“Global electricity needs are set to grow sharply in the years to come. The global increase in demand until 2024 is expected to be about three times Germany’s current electricity consumption,” said Keisuke SadamoriIEA Director of Energy Markets and Security, in an IEA press release.
The IEA said renewable energy will be able to cover the expected growth until next year, because from renewable sources will account for more than a third of global electricity supply for the first time in 2024, Reuters reported.
Electricity demand in the European Union (EU) is expected to fall to its lowest level in two decades this year, but the growth of renewables will be significant as the economy and energy needs increase again, the press release said.
In the United States, electricity demand is expected to decline by almost 2% in 2023. Japan and the EU, demand is expected to fall by 3%. Falling demand from the EU this year, along with a similar fall in 2022, adds to the biggest drop on record, with consumption in the EU expected to fall to 2002 levels.
Over the next two years, energy demand China is expected to increase at an average annual rate of 5.2%, which is just below the average from 2015 to 2019. In Indiathe average annual demand is expected to increase by around 6.5% until next year, which is well above the country’s average for 2015 to 2019.
The supply of renewable energy is sufficient to meet the additional demand for electricity in the world until 2024.
As renewables make up a larger share of global power capacity, over the next two years, fossil fuel-based electricity is expected to fall. Power of oil should decrease significantly, and coal– the heating capacity should decrease slightly this year and next year.
The IEA also shows that electricity generated from fossil fuels has declined in four of the years from 2019 to 2024.
Until recently, annual declines in fossil fuel-powered energy typically only occurred as a result of global financial and energy shocks that lead to lower global demand. Now, electricity generated from fossil fuels slows down or decreases as energy needs increase.
According to the IEA, this shows that the planet is rapidly approaching a “tipping point” where clean energy will increasingly replace fossil fuels.
“(W)e are encouraged to see renewables representing a growing share of electricity generation, leading to a decline in the use of fossil fuels for electricity generation. Now is the time for policy makers and the private sector to capitalize on this momentum to ensure emissions power sector are experiencing a sustained decline,” Sadamori said in the press release.
The report found that energy-intensive industries in the EU have yet to rebound from the 2022 output slump, and that rising energy costs following Russia’s invasion of Ukraine led to an almost two-thirds reduction in EU electricity demand last year. This has continued this year, even though the prices of electricity and energy raw materials have fallen.