According to the 74th edition of the Statistical Review of World Energy, the demand for renewable energy, oil, gas, coal, nuclear and hydropower all grew year-on-year for the first time in 20 years. The report, which was conducted by Energy Institute based in London, found that wind and solar power grew by 16 percent, with China contributing 57 percent of it, reinforcing their role as the fastest growing areas of the energy system.
All major energy sources hit a record high in 2024 making them each of them responsible for the worldwide energy demand, according to the study.
“All major energy sources, including nuclear and hydro, hit record consumption levels (for the first time since 2006), a reflection of surging global demand,” Dr. Nick Wayth, CEO of Energy Institute (EI) said. “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.”
While the world saw a 2 percent annual rise on total energy demand, wind and solar grew almost nine times faster than the total energy demand in 2024, according to the report. Fossil fuel also grew at just over 1 percent.
“This year’s data reflects a complex picture of the global energy transition,” Andy Brown OBE FEI and president of Energy Institute (EI) said. “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 percent 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.”
The report concluded a “stark truth:” Global energy consumption is rising faster than ever and with renewable energy increasing at record pace, wind and solar are contributing to fossil fuels and adding to the overall energy mix. In conclusion, “this pattern, marked by simultaneous growth in clean and conventional energy illustrates the structural, economic, and geopolitical barriers to achieving a truly coordinated global energy transition.”
“Leaders navigating this need to look beyond headlines and towards practical delivery, regional opportunity, and strategies built for resilience as all facets of the energy trilemma: affordability, security of supply and decarbonisation, compete for priority,” Wafa Jafri, lead of energy and natural resources strategy and partner at KPMG in the UK, said.
Read more of the report’s key findings here.
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