The demand for electricity in the next three years is expected to grow by an average of 3.4 percent. About 85 percent of the increase in global demand is projected to come primarily from China, India and Southeast Asian countries, according to a new IEA Electricity 2024 report.
The good thing is that the capacities of low-emission sources are increasing, including renewables such as solar, wind and hydropower, as well as nuclear. Moreover, such sources could account for almost half of the world’s electricity production by 2026. By the beginning of 2025, renewable sources should account for more than one-third of total production.
Regarding nuclear energy, it could reach the highest global level of use by 2025, given that its potential is growing in France. Also, several nuclear plants in Japan are re-commissioned. Furthermore, the new reactors will reportedly begin commercial operation in many countries, such as China, India and Europe.
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At the moment, the energy sector contributes more CO2 emissions than any other in the world economy, according to the IEA website. Expectations are that global emissions from electricity production will decrease by 2.4 percent in 2024.
Increasing the share of exports with low emissions is a very important trend that must be continued and even expedited, considering that in the coming years, it will follow the electricity demand. There was a decline in demand in Europe and the United States last year, but there are numerous emerging economies that have recorded strong growth, which will continue until 2026, due to population growth and industrialization.