That’s according to the International Energy Agency’s (IEA) latest Electricity Market Report which suggests depending on weather conditions, 2024 could potentially become the first year in which more electricity is generated worldwide from renewables than from coal.
As advanced economies grapple with the ongoing effects of the global energy crisis and economic slowdown, overall electricity demand worldwide is expected to ease in 2023.
However, a rebound is expected in 2024, with a projected growth rate of 3.3%.
The IEA predicts that solar, wind, hydro, and other clean energy sources are on track to lead the charge in meeting the world’s electricity needs.
In the US, electricity demand is expected to decline by almost 2% in 2023. A similar trend is foreseen in Japan, with a forecasted fall of 3% in electricity demand. The EU is also set to experience a 3% drop in electricity demand, marking its largest slump in demand on record after two consecutive declines. This reduction in demand could bring EU electricity consumption to levels not seen since 2002.
The ongoing electrification of energy systems, efforts to reduce emissions, and robust demand growth in emerging and developing economies continue to support rising global electricity demand.
Keisuke Sadamori, the IEA’s Director for Energy Markets and Security, said: “The global increase in demand through 2024 is expected to amount to about three times the current electricity consumption of Germany.
“And we’re encouraged to see renewables accounting for a rising share of electricity generation, resulting in declines in the use of fossil fuels for power generation.
“Now is the time for policymakers and the private sector to build on this momentum to ensure emissions from the power sector go into sustained decline.”