World Energy Outlook 2024 Report

Current Context : Recently, the World Energy Outlook 2024 report is published by the International Energy Agency (IEA).

India is poised to face a higher increase in energy demand than any other country over the next decade.

KEY FINDINGS ABOUT REPORT :

• Global Energy Demand: Growth slows to 0.7% annually until 2030, driven by efficiency and electrification in developed countries.
• Renewable Energy Growth: By 2030, over half of global electricity will come from low-emissions sources, with solar and wind leading this shift.
• Fossil Fuel Peak: Demand for coal, oil, and gas is expected to peak by the end of this decade.
• India’s Energy Surge: India will face the largest global energy demand increase, with total demand expected to grow by 35% by 2035.
• Coal’s Role in India: Despite the clean energy transition, coal will remain dominant in India’s energy mix, especially for industrial uses.
• Electricity Demand in India: India’s electricity generation capacity is set to triple, reaching 1,400 GW by 2035, driven by industrial growth and air conditioner use.