IEA: Global electricity demand growth to slow to less than 2% this year

Global electricity demand will grow by less than two percent this year. Growth will therefore slow from last year’s 2.3 percent, mainly due to lower demand in advanced economies grappling with an energy crisis and economic downturn, and will be below the pre-COVID-19 pandemic five-year average of 2.4 percent. Next year, however, growth is expected to accelerate to 3.3 percent in response to improved economic prospects, meaning that more renewable capacity will need to be developed. This is according to a report published today by the International Energy Agency (IEA).

According to the IEA, renewable energy should meet the expected increase in demand this year and next. Next year, renewables will account for one-third of total global electricity supply for the first time.

The growth of renewables should help reduce global emissions. Emissions growth in China and India is expected to be offset by declines in other countries, where renewable energy use is increasing and natural gas continues to replace coal.