Global electricity demand is rising at its fastest rate in two decades, but solar is on course to meet half of demand growth, says the IEA.

Global electricity demand is forecast to grow by around 4% in 2024, up from 2.5% in 2023, according to the International Energy Agency’s (IEA) newly released “Electricity Mid-Year Update” report. This would represent the highest annual growth rate since 2007, except for rebounds after the global financial crisis and the pandemic. The increase in global electricity consumption is set to continue into 2025, with growth at around 4% again, according to the report.  

Renewables are also set to expand rapidly this year and next, with their share of global electricity supply forecast to rise from 30% in 2023 to 35% in 2025. The amount of electricity generated by renewables worldwide in 2025 is forecast to eclipse the amount generated by coal for the first time. Solar alone is expected to meet roughly half of the growth in global electricity demand in 2024 and 2025 – with solar and wind combined meeting as much as 75% of growth. 

Source: https://electrek.co