The International Energy Agency stated that there will be sufficient power from environmentally-friendly sources like wind, solar, and nuclear to meet the increasing global demand for the next three years. They also noted a decrease in emissions from the power industry.
According to a report released on Wednesday by the IEA, the use of low-emissions energy sources will contribute to nearly half of the world’s electricity production by 2026, a significant increase from the current percentage of less than 40% in 2023.
According to the report, renewable energy is projected to surpass coal as the leading source of electricity by 2025, making up over 33% of total electricity production.
The use of nuclear energy is expected to hit a new high worldwide, with France’s production rebounding from previous lows in 2022. Additionally, numerous plants in Japan will resume operation and new reactors will start functioning in various markets such as China, India, Korea, and Europe.
According to data from the IEA, there is a projected increase in electricity demand of 3.4% between 2024 and 2026, with the majority of this growth coming from China, India, and southeast Asia. This follows a slight decrease in growth to 2.2% in 2023.
During this time frame, the report stated that China is projected to have the highest contribution to the worldwide rise in electricity consumption, even with an anticipated decrease in economic growth and reduced dependence on heavy industry.
According to the report, there will be a decrease of 2.4% in global emissions in 2024, with even smaller declines in the following years of 2025 and 2026.
According to the report, the separation of worldwide electricity usage and emissions would be noteworthy due to the growing use of electrification in the energy industry, including technologies like electric cars and heat pumps, among consumers.
In 2023, electricity made up 2% more of the overall energy consumption compared to 2015. However, in order to meet climate targets, there will need to be a significant increase in the rate of electrification in the near future, according to the IEA.