Energy requirements exploded: forecasts show dramatic increase!

Energy requirements exploded: forecasts show dramatic increase!

China, Land - The global energy requirement recorded a significant increase in 2024, which is almost twice as high as the average annual increase in recent years. According to a report by Econews The global energy requirement increased by 2.2 %, which is less than the gross domestic product (GDP), which grew by 3.2 %. This development shows that the increase in energy demand was primarily supported by threshold and developing countries that contributed over 80 % to this growth.

The demand for energy in industrialized countries that has decreased in recent years increased by almost 1 %. The increase in global power consumption is particularly noteworthy, which has increased by around 1,100 terawatt hours or 4.3 %, which is almost twice as high as the annual average in the past ten years. This increase is due, among other things, to extreme temperatures, the higher need for cooling and industrial consumption.

renewable energies and CO2 emissions

renewable energies played a crucial role and contributed 38 % to the growth of energy supply. There was also a record of newly installed capacities in this area, which reached 700 gigawatts. Natural gas contributed 28 % and coal to growth with 15 %. The need for natural gas rose by 115 billion cubic meters (2.7 %) and exceeded the average of the past ten years, while the oil requirement grew by 0.8 %.

Although the faster introduction of clean energy technologies to a decline in CO2 emissions in industrialized countries by 1.1 % led to the lowest level in 50 years, global CO2 emissions rose by 0.8 % to 37.8 billion tons. This is mainly due to increased emission growth in threshold and developing countries.

market developments in the LNG sector

In addition to the general trends in the energy sector, a remarkable increase in global capacity for liquefied natural gas (LNG) is expected. The report by ie predicts a growth of the LNG export capacities by almost 50 %. The United States and Qatar are mentioned as the main actors in this area, while the total capacities are to grow to around 270 billion cubic meters per year by 2030.

The demand for LNG is expected to grow by over 2.5 % annually by 2035, which exceeds the original assumptions. Nevertheless, Europe and China have certain infrastructural advantages for gas imports, but they face challenges in market adjustment. Without attractive price options of 3-5 USD/MBTU, the switch to natural gas for developing countries could not be appealing, according to the IEA.

Overall, a complex dynamic is reflected in these developments in which renewable energies, fossil fuels and the challenges of climate change are closely linked. The ability of the global markets to adapt to the increasing demand and the associated challenges remains of crucial importance for the upcoming energy future.