The International Energy Agency said on Wednesday, July 19, that the growing global demand for electricity is expected to slow in 2023 due to the repercussions of the recession and the energy crisis caused by the invasion of Ukraine. The latter recommends placing more emphasis on renewable energies before the expected recovery in demand next year.
Global demand for electricity is expected to increase just under 2% In 2023, according to forecasts by the International Energy Agency in its latest report on the electricity market, compared to 2.3% in 2022 and lower than the average annual growth rate of 2.4% recorded during the five years preceding the pandemic.
The slowdown in growth is largely due to lower demand in advanced economies, according to the International Energy Agency, many of which are facing recession and dealing with shortages as well as higher energy prices in the wake of Russia’s invasion of Ukraine.
The International Energy Agency predicts that electricity demand in the United States and Japan will decrease by approximately 2% And 3% In 2023, while demand within the European Union (EU) is expected to reach down 3% For the second year in a row, marking the “largest drop in demand on record” and returning consumption to levels last seen in 2002.
Growing electricity demand is expected to rebound in 2024, along with an improving global economic outlook, according to the International Energy Agency. The agency expects growth Electricity demand reached 3.3%In the year 2024.
The increase in demand is largely supported by efforts to electrify power systems around the world to reduce emissions, by “strong growth in emerging and developing economies” and by the increasing use of indoor cooling systems, such as air conditioning, as global temperatures rise.
Next year is set to be the first year that renewables will provide more than a third of all electricity generated globally, according to projections from the International Energy Agency. Depending on weather conditions, which can affect the amount of energy produced by certain sources such as wind power, the agency said that 2024 “may become the first year in which more electricity will be generated globally from renewables than from coal.” As power generated from renewables increases, the IEA says electricity generated from fossil fuels is expected to decline, particularly power derived from oil, which it says is a sign of an “energy transition” occurring. The IEA report says the world is “rapidly moving towards a tipping point” where fossil fuels will increasingly be replaced by electricity from clean sources for power generation.
Keisuke SadamoriThe director of energy markets and security at the International Energy Agency said that global electricity needs are expected to grow “sharply” in the coming years, with total demand expected to increase until 2024 by about three times Germany’s current consumption. He explains that it is encouraging to see renewable energy accounting for a growing share of electricity production, adding that it is time for policymakers and the private sector to build on this momentum to ensure a sustainable reduction in emissions from the electricity sector.
Translated article from the American magazine Forbes – Author: Robert Hart
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