IEA Electricity 2024 Report

The 2024 electricity report from the International Energy Agency is captivating. The CO2 emissions of the USA are declining and are about to match India's emission levels. However, the USA, with only a quarter of India's population, produces, on average, four times as much CO2 per citizen as India. Renewable energy supplies are growing at an astonishing rate and are projected to account for almost half of the world's electricity generation by 2026. This growth is matched by an increased demand for electricity, particularly for electric vehicles, heat pumps, and data centres, especially those used for artificial intelligence and cryptocurrency. These factors are anticipated to remain strong pillars of growth over the period, collectively accounting for half of the expected gains in total demand. There is significant progress towards renewables, but a much larger electricity supply is needed for electric vehicles and other uses. Source: IAE