Global power demand growth to rebound in 2024 after slowdown, IEA says
Global power demand growth to rebound in 2024 after slowdown ... Reuters.com
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Global Power Demand Growth to Rebound in 2024 after Slowdown, IEA Says
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Introduction
An ongoing energy crisis and an economic downturn is expected to slow global power demand growth in 2023, but a probable rebound in 2024 means more renewable capacity needs to be developed, the International Energy Agency (IEA) said on Wednesday.
Global Power Demand Growth
The global growth rate for energy consumption is set to slow to slightly less than 2% in 2023, down from 2.3% in 2022, which was also down from the five-year pre-COVID 19 average of 2.4%.
Renewable Energy and Sustainable Development Goals (SDGs)
The Paris-based agency predicted renewable energy would cover the expected growth this year and next and power from renewable sources would exceed one third of the total global power supply for the first time next year.
Hydropower Decline and Climate Change
However, hydropower has declined, falling about 2% in 2020-2022 compared to 1990-2016 figures, which represents about 240 terawatt-hours, or the annual consumption of Spain.
Reducing Emissions and Renewable Deployment
The renewable growth should help to cut global emissions, as emissions increases in China and India are expected to be offset by declines in other countries where renewable deployment is growing and natural gas continues to replace coal, the IEA said.
European Union’s Contribution to Emission Decline
The European Union alone accounts for 40% of the total decline in emissions from power generation, the IEA data showed.
Power Demand in Different Regions
In the first half this year, the EU recorded a 6% decline in power demand as energy-intensive industries, including aluminum, steel, paper, and chemical industries, cut their use in response to high prices. A relatively mild winter also had a more limited impact on reducing demand, the IEA said.
Wholesale electricity prices have fallen significantly from records hit last year as a result of the disruption caused by Russia’s invasion of Ukraine, but average prices in Europe are still more than double their 2019 levels, India’s are up 80%, and Japan’s more than 30%. Prices in the United States, however, have retreated almost to 2019 levels.
Power Demand in China and India
In China, demand is expected to grow 5.3% in 2023 and 5.1% in 2024, after a moderate 3.7% rise in 2022, the IEA data showed. Increased use of cooling to cope with summer heatwaves is expected to drive the demand growth there this year.
India’s consumption is expected to rise by 6.8% in 2023 and 6.1% in 2024 – when it is expected to surpass that of
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase the share of renewable energy in the global energy mix | – Power from renewable sources exceeding one third of the total global power supply for the first time next year – Renewable energy covering the expected growth in power demand in 2023 and 2024 |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies, strategies, and planning | – Anticipating challenges on hydropower related to climate change and planning accordingly for efficient and sustainable use of hydro resources |
| SDG 7: Affordable and Clean Energy | 7.3: Double the global rate of improvement in energy efficiency | – Not mentioned or implied in the article |
| SDG 9: Industry, Innovation, and Infrastructure | 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes | – Not mentioned or implied in the article |
| SDG 12: Responsible Consumption and Production | 12.2: Achieve sustainable management and efficient use of natural resources | – Not mentioned or implied in the article |
| SDG 13: Climate Action | 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries | – Not mentioned or implied in the article |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: reuters.com
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