Power generated from low-emissions sources, such as wind, solar and nuclear, will meet growth in global demand for the next three years, said the International Energy Agency (IEA) on Wednesday.
Electricity demand eased slightly to 2.2% in 2023 due to falling electricity consumption in advanced economies, IEA said. The agency added that electricity demand is projected to accelerate to an average of 3.4% from 2024 through 2026.
About 85% of the increase in the world’s electricity demand through 2026 is expected to come from outside advanced economies, especially China, India and countries in Southeast Asia, the IEA explained.
“The power sector currently produces more CO2 emissions than any other in the world economy, so it’s encouraging that the rapid growth of renewables and a steady expansion of nuclear power are together on course to match all the increase in global electricity demand over the next three years,” said IEA Executive Director Fatih Birol.
“This is largely thanks to the huge momentum behind renewables, with ever cheaper solar leading the way, and support from the important comeback of nuclear power, whose generation is set to reach a historic high by 2025. While more progress is needed, and fast, these are very promising trends,” Birol added.
IEA added that the increase in electricity generation from renewables and nuclear appears to be pushing the power sector’s emissions into structural decline.
Global emissions from electricity generation are expected to decrease by 2.4% in 2024, followed by smaller declines in 2025 and 2026, the agency explained.
