NEWS – World Energy Outlook 2024 Annual report published by the International Energy Agency (IEA)

HIGHLIGHTS OF 2024 REPORT

• New Energy Context
  • Projections based on current policy settings indicate a shift in the global energy landscape.
  • Characterized by persistent geopolitical risks and an abundance of various fuels and technologies.
• Supply Insights
  • Anticipated surplus of oil and liquefied natural gas (LNG) in the latter half of the 2020s.
  • Significant increase in manufacturing capacity for key clean energy technologies.
• Electricity Generation
  • Low-emissions energy sources expected to produce over half of the world’s electricity by 2030.
  • Peak demand for coal, oil, and gas anticipated by the end of this decade.
• Global Electricity Demand
  • Projected growth to add the equivalent of Japan’s annual electricity consumption each year.

HIGHLIGHTS RELATED TO INDIA

• Energy Demand Surge
  • India expected to experience the highest increase in energy demand over the next decade due to its size and rising demand from all sectors.
• Transport Growth
  • On track to add over 12,000 cars daily by 2035 according to the Stated Policies Scenario (STEPS).
• Infrastructure Expansion
  • Built-up space projected to increase by over 1 billion square meters annually, exceeding the total built space of South Africa.
• Industrial Growth
  • Iron and steel production expected to grow by 70% by 2035.
  • Cement output projected to rise by nearly 55%.
• Air Conditioning Demand
  • Stock of air conditioners predicted to grow over 4.5 times, leading to electricity demand surpassing Mexico’s total expected consumption in 2035.
• Overall Energy Demand
  • Total energy demand in India to increase by nearly 35% by 2035.
  • Electricity generation capacity expected to nearly triple to 1400 GW.
• Coal in Energy Mix
  • Coal to maintain a strong position in India’s energy mix.
  • Approximately 60 gigawatts of new coal-fired power capacity projected to be added by 2030.
  • Coal-based electricity generation expected to rise by over 15%.
• Industrial Coal Usage
  • In 2023, coal accounted for 40% of energy used in industries such as steel, cement, and manufacturing.
  • Anticipated growth of coal use in industry by 50% by 2035.