Renewables Soar, But Fossil Fuels Continue To Rise as Global Electricity Demand Hits Record Levels

In a year when average air temperatures consistently breached the 1.5C warming threshold, global COâ-equivalent emissions from energy rose by 1%, marking yet another record, the fourth in as many years. From a report: Wind and solar energy alone expanded by an impressive 16% in 2024, nine times faster than total energy demand. Yet this growth did not fully counterbalance rising demand elsewhere, with total fossil fuel use growing by just over 1%, highlighting a transition defined as much by disorder as by progress.

Crude oil demand in OECD countries remained flat, following a slight decline in the previous year. In contrast, non-OECD countries, where much of the world's energy demand growth is concentrated and fossil fuels continue to play a dominant role, saw oil demand rise by 1%. Notably, Chinese crude oil demand fell in 2024 by 1.2%, indicating that 2023 may have reached a peak. Elsewhere, global natural gas demand rebounded, rising by 2.5% as gas markets rebalanced after the 2023 slump. India's demand for coal rose 4% in 2024 and now equals that of the CIS, Southern and Central America, North America, and Europe combined.

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