The growth of renewables is not enough to meet global energy demand, says study

Demand for solar and wind power grew by 16% last year, but that increase was not enough to cover the growing global energy consumption, so fossil fuels also experienced an increase of 1%, according to a study by the Energy Institute released on Wednesday. The World Energy Statistical Review, which is being carried out in collaboration with Kearney and KPMG and is now in its 74th edition, shows that energy-related CO₂ emissions grew by 1% in 2024, the fourth consecutive record. Wind and solar power rose 16 percent, nine times more than total energy demand, but that was not enough to offset rising global demand, showing “a transition defined by both disorder and progress,” according to the report. Oil demand in OECD member countries – the so-called ‘rich man’s club’ – remained flat last year, after a slight drop last year, while in non-member countries crude oil consumption rose by 1%.
The big exception was China, where oil demand fell by 1.2% in 2024, suggesting that it may have already peaked, according to the authors.

Regarding natural gas, its demand rebounded by 2.5% after the global fall of the previous year. In India, demand for coal rose by 4% and is now equivalent to the combined demand of Europe, the Americas and the Commonwealth of Independent States (ex-Soviet countries) combined.

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