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Global Energy Review 2025 Global trends
…in recent years. The rise in energy-related CO2 emissions slowed to 0.8%, compared with 1.2% in 2023. The global economy saw moderate growth in 2024 After the upheaval of the Covid-19 pandemic and the subsequent global economic recovery, the world economy saw further moderation in growth trends in 2024. Global growth averaged 3.2%, close to its pre-pandemic average of 3.4% from 2010 to 2019. Inflation continued to decline in 2024 following sharp post-pandemic price spikes and the impact of the war in Ukraine. Global energy prices have also moderated, with oil…
- Key findings
- Global trends
- Oil
- Natural gas
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Sheltering From Oil Shocks Targeted consumer support to enhance energy affordability
…increases. Previous crises, including the Covid-19 pandemic and the 2022 energy crisis, demonstrated that impacts often fall disproportionately on the poorer segments of the population. On top of this general effect, consumers and small businesses in remote and Island territories are often very exposed to increases in oil prices. Even in normal times, electricity generation on islands can cost 10 times more than on mainland territories where they are often dependent on diesel generators. As a response to this issue, Barbados, for example, has locked in the price of heavy fuel oil which powers electricity generation, at USD 92…
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India’s electricity demand grows at night: Managing rising cooling demand
…to cooling in India is still not universal, with around one in five households owning an air conditioning unit. Yet by 2035, based on today’s policy settings, the IEA projects that cooling demand in India will more than double as incomes rise and temperatures increase.Cooling already accounts for slightly more than 10% of India’s total annual electricity demand. However, air conditioners represent a much higher share of electricity demand on hot summer nights, when they can drive as much as one-third of power consumption. Raat baki… what happens when the sun goes down? India benef...
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7 certainties about energy for this age of uncertainty
…highest levels in the past 30 years. Soaring electricity demand from data centres means tech companies are also turning to nuclear, attracted by its promise of low-emissions, round-the-clock power supply. Energy security risks are multiplying, especially for critical minerals Traditional hazards affecting the security of oil and gas supplies are now accompanied by vulnerabilities in other areas, including electricity security, as highlighted by the recent major blackouts in Chile and Spain, and critical minerals. A single country, China, is the dominant refiner for 19 out of 20 energy-related strategic minerals, with an average market share of…
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Delivering on the EU’s electrification ambitions
…an Industrial Development Bank to mobilise EUR 100 billion, of which a first EUR 1 billion auction has started. As low- and medium-temperature heat accounts for only around one-third of the EU’s total industrial energy demand, policy support is also emerging for the electrification of higher-temperature processes: 9 of the 15 projects which won funding in the first round of Germany’s Carbon Contracts for Difference Auction aim to use electricity to supply heat at temperatures above 150⁰C.In buildings, reaching the economy-wide target would see the electrification rate increase to 43%, up from 37...
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The energy crisis creates even stronger impetus for EU electrification
…for electrification in the EU, identifying cost competitiveness and areas where targeted policies could catalyse change. Fuel price ratios determine electrification competitiveness To make electrification cost-competitive, electricity prices need to fall below a threshold ratio relative to the price of fossil fuels. Because most electrification options are several times more efficient than conventional alternatives, they can be cheaper to operate than conventional fuel-based technologies even when electricity costs more per unit of energy than the fuel they replace – i.e. a ratio greater than one. EU countries today face very different price ratios. These differences are driven by…
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India
…access to electricity and clean cooking while implementing a range of energy market reforms and integrating a high share of renewable energy sources into the grid. India, with a population of 1.36 billion and a fast growing economy, has seen its energy demand increasing rapidly as the country continues to urbanize and the manufacturing sector develops. This growing demand is met through various energy sources, with coal set to remain the largest source of energy supply. India also continues to develop the institutional framework needed to attract the investment required to satisfy this growing energy need.
Electricity security has…- Overview
- Energy mix
- Emissions
- Electricity
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How accelerating electrification could strengthen energy security in Southeast Asia
…rapidly in Southeast Asia, driven by economic growth, industrialisation, urbanisation and rising incomes. Since 2015, energy demand has risen by around 40%, while electricity demand has grown even faster – twice as fast as overall energy use. Although renewables have increased significantly over the past decade, fossil fuels have continued to dominate, meeting over 70% of energy demand growth across this period, with oil accounting for nearly half of total energy consumption.Rapid energy demand growth and continued dependence on fossil fuels brings greater exposure to energy security risks. The region is increasingly reliant on imported fuels, deepening its exposure to…
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China
…Currently, one of every four tons of coal used globally, is burned to produce electricity in China. The government is pushing for emissions reductions and improved air quality by switching to gas in industrial and residential sectors, but China’s coal fleet is young, highly efficient and still ten times larger than its gas-fired fleet. At the prevailing gas prices, new onshore wind and solar photovoltaic (PV) are much cheaper ways to generate electricity than new combined-cycle gas turbines (CCGTs). Under these circumstances, the major contribution of gas-fired generation to displacing coal is likely to be an…
- Overview
- Energy mix
- Emissions
- Electricity
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South Africa
…stated that the priority for government energy policy should be to keep electricity prices low: economic considerations outweighed other priorities by a considerable margin. Regarding the future fuel mix, nearly a third of respondents agreed with the statement: “it does not matter which source, as long as it is the cheapest”. But a quarter of respondents explicitly supported renewable energy sources, with a further 14% placing emphasis on sources that are not damaging to the environment.
The government will face complex choices as it pursues its objectives of diversifying and reducing the environmental impact of the country's energy mix…- Overview
- Energy mix
- Emissions
- Electricity
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