Renewables Join Fossil Fuels in Supplying Record Energy Demand: Report

The world’s demand for oil, gas, renewables, coal, nuclear and hydropower hit a record high in 2024, with all growing year-on-year for the first time in nearly two decades, according to a new report by the London-based Energy Institute (EI).

The 74th edition of the Statistical Review of World Energy found that together wind and solar grew by 16 percent, with China’s share contributing 57 percent of new additions.

“All major energy sources, including nuclear and hydro, hit record consumption levels (for the first time since 2006), a reflection of surging global demand,” said CEO of EI Dr. Nick Wayth, in a press release from the organization. “No country has shaped this outcome more than China. Its rapid expansion of renewable capacity, alongside continued reliance on coal, gas, and oil, is driving global energy trends. The scale and direction of China’s energy choices will be pivotal in determining whether the world can deliver a secure, affordable, and low-carbon energy future.”

Solar and wind grew at almost nine times the rate of total energy demand in 2024, with fossil fuels increasing a little more than one percent.

“Wind and solar energy alone expanded by an impressive 16% in 2024, nine times faster than total energy demand. Yet this growth did not fully counterbalance rising demand elsewhere, with total fossil fuel use growing by just over 1%, highlighting a transition defined as much by disorder as by progress,” EI said.

The world’s rise in total annual energy demand was two percent, reaching a record high of 592 exajoules.

China remained the biggest emitter of global carbon emissions, with 60 percent of the country’s electricity coming from coal, reported The Times. 

“China presents a paradox: it is both the world’s biggest driver of clean energy growth and its largest source of emissions. Its trajectory will have an outsized impact on the global energy future,” Wayth said.

Electricity demand growth was four percent, continuing to outpace energy’s total demand growth, “an indicator that the age of electricity is not just emerging but is shaping a new global energy system,” EI said.

Wayth predicted that solar power generation — which soared nearly 28 percent in 2024 — would surpass wind power in 2025 or 2026, provided growth trajectories continue on their present course, The Times reported.

Global carbon dioxide-equivalent energy emissions rose by one percent last year, reaching record levels for the fourth year in a row, EI said.

“This year’s data reflects a complex picture of the global energy transition. Electrification is accelerating, particularly across developing economies where access to modern energy is expanding rapidly. However, the pace of renewable deployment continues to be outstripped by overall demand growth, 60% of which was met by fossil fuels. The result is a fourth consecutive year of record emissions, highlighting the structural challenges in aligning global energy consumption with climate goals,” said President of the Energy Institute Andy Brown in the press release.

Dr. Romain Debarre, partner and managing director of nonprofit the Energy Transition Institute, said rising geopolitical tensions in 2024 marked a turning point for energy worldwide.

“Energy security, resource access, and technological sovereignty are now taking priority over climate goals,” Debarre said in the press release. “We are witnessing the real dangers of regional differences and the cost of inaction in real time. Record-high GHG emissions and soaring temperatures in 2024 are a deafening wake-up call. We have the strategies, technologies, and know-how to deliver the energy transition with an integrated, secure, and people-centred approach. Now, we must move from promises to action, at scale and at speed.”