World Energy Outlook 2024

About World Energy Outlook 2024:

• It is an annual report published by the International Energy Agency (IEA).
• It is the most authoritative global source of energy analysis and projections.
• It identifies and explores the biggest trends in energy demand and supply, as well as what they mean for energy security, emissions, and economic development.
• Highlights of 2024 Report:
  • Projections based on current policy settings indicate that the world is entering a new energy context, marked by persistent geopolitical hazards but also an abundance of various fuels and technologies.
  • This includes a surplus of oil and liquefied natural gas (LNG) expected in the second half of the 2020s, alongside a significant increase in manufacturing capacity for key clean energy technologies.
  • The report finds that low-emissions energy sources are set to generate more than half of the world’s electricity by 2030.
  • Meanwhile, demand for coal, oil, and gas is expected to peak by the end of this decade.
  • Global electricity demand growth is projected to accelerate further, adding the equivalent of Japan’s annual electricity consumption to global use each year.
• Highlights Related to India:
  • India is poised to face a higher increase in energy demand than any other country over the next decade, mainly because of its size and the scale of rising demand from all sectors.
  • According to the Stated Policies Scenario (STEPS), India is on track to add over 12,000 cars daily to its roads over the period to 2035.
  • Built-up space is set to increase by over 1 billion square metres annually. This is larger than the total built space in South Africa.
  • By 2035, iron and steel production is on track to grow by 70%. The cement output is set to rise by nearly 55%.
  • The stock of air conditioners is projected to grow by over 4.5 times, resulting in electricity demand from air conditioners in 2035 more than Mexico’s total expected consumption that year.
  • The total energy demand in India is set to increase by nearly 35% by 2035, and electricity generation capacity nearly tripled to 1400 GW.
  • Coal is set to retain a strong position in the energy mix in India over the next decades, with the country projected to add about 60 gigawatts of new coal-fired power capacity by 2030.
  • Coal-based electricity generation is projected to increase by over 15 per cent.
  • Coal provided 40 percent of the energy used in industries like steel, cement, and manufacturing in 2023. By 2035, coal use in industry is expected to grow by 50 percent.