The annual report of the International Energy Agency (IEA), World Energy Outlook 2024 (WEO), predicts that demand for coal, oil and gas will peak at the end of this decade, while the demand for coal and oil and gas will increase by the end of the decade. renewable energies will grow rapidly, reaching more than half of the overall electricity production by 2030.
Among the most significant figures highlighted in the document is that investment in clean energy is approaching two trillion dollars, exceeding the combined investment in new oil, gas and coal projects. In addition, the costs of installing new renewable capacity are decreasing, with more than 4,250 gigawatts installed worldwide.
However, the report indicates that global CO₂ emissions will peak imminently, but will not decrease significantly, which could lead to a global temperature increase of 2.4°C by the end of the century, well above the target of the Paris Agreement.
Electricity demand on the rise
According to the IEA's analysis, the electricity demand has grown at a faster rate than total energy demand, driven mainly by the electrification of the economy. The agency states that China is a key player in this process, with a rapid expansion of solar capacity.
To advance in the energy transitionmore investment is needed, he says, in power grids and storagebalancing the proportion of investment with the installation of new renewable capacity.
Speed of energy transition is not sufficient
Although the renewable energies are on the rise, the speed of the transition to decarbonization is not yet sufficient to achieve the established objectives, the document states.
The report stresses that government policies and consumer choices will have a significant impact on the future of the energy sector and the fight against climate change. It also warns of the challenges facing the energy transition in some regions, highlighting the high financial costs and lack of access to energy in many areas.
Source: International Energy Agency
