Global energy demand increased significantly in 2024

In 2024, global energy demand grew by 2.2%, which is significantly higher than the average growth of 1.3% over the past ten years.

Among the main reasons for this growth, analysts identify record electricity consumption (an increase of 4.3%), electrification of transport, as well as the growing need for data centers. Developing countries, especially China, accounted for more than 80% of this growth. 

Moreover, renewable energy sources (RES) have contributed to meeting the growing demand. In 2024, they reached a record capacity of 700 GW, 80% of which was solar energy. In the EU, the share of renewable energy sources in electricity production exceeded the share of coal and gas for the first time. 

At the same time, oil demand increased by only 0.8%, which is the lowest in recent years. The share of oil in global energy consumption dropped below 30% for the first time due to the growing popularity of electric vehicles – a record 17 million electric vehicles were sold in 2024, which is 25% more than in 2023.