Renewables and Fossil Fuels Meet Record Global Energy Demand in 2024: Energy Institute Report
Key Insights
Global energy demand reached a record high of 592 exajoules in 2024, with all major energy sources, including renewables and fossil fuels, growing simultaneously for the first time since 2006.
Wind and solar energy expanded by 16%, nearly nine times the rate of total energy demand, yet fossil fuel use still rose by over 1%, highlighting the challenges of the energy transition.
China played a pivotal role, contributing 57% of new renewable capacity while remaining the world's largest carbon emitter due to its reliance on coal for 60% of electricity.
Global carbon emissions rose by 1% for the fourth consecutive year, underscoring the urgent need for accelerated decarbonization efforts to meet climate goals.
The world’s energy demand surged to unprecedented levels in 2024, with all major energy sources—renewables, fossil fuels, nuclear, and hydropower—experiencing simultaneous growth for the first time in nearly two decades, according to the Energy Institute’s (EI) 74th Statistical Review of World Energy. The report revealed that total energy consumption hit a record 592 exajoules, driven by a 2% increase in demand. While wind and solar energy expanded by an impressive 16%, fossil fuels still grew by just over 1%, reflecting the uneven pace of the global energy transition.
China emerged as the dominant force shaping these trends, accounting for 57% of new renewable capacity additions. However, the country’s continued reliance on coal, which supplies 60% of its electricity, also made it the world’s largest carbon emitter. "China presents a paradox: it is both the world’s biggest driver of clean energy growth and its largest source of emissions," said EI CEO Dr. Nick Wayth. "Its trajectory will have an outsized impact on the global energy future."
Electricity demand grew by 4%, outpacing overall energy demand, signaling the accelerating electrification of economies worldwide. Solar power generation, which soared by nearly 28% in 2024, is projected to surpass wind power by 2025 or 2026 if current growth rates persist. Despite these advancements, fossil fuels met 60% of the increased demand, contributing to a 1% rise in global carbon emissions—the fourth consecutive year of record highs.
EI President Andy Brown emphasized the structural challenges of aligning energy consumption with climate goals: "Electrification is accelerating, but renewable deployment continues to lag behind demand growth. The result is a fourth consecutive year of record emissions." Dr. Romain Debarre of the Energy Transition Institute added that geopolitical tensions in 2024 had shifted priorities toward energy security and technological sovereignty, often at the expense of climate objectives. "We must move from promises to action, at scale and at speed," he urged.
The report underscores the urgent need for coordinated global efforts to accelerate decarbonization while meeting rising energy demand. Without significant policy and technological interventions, the world risks falling short of its climate targets, even as renewable energy adoption reaches new heights.