IEA’s Electricity 2024 Report

Santhosh Kumar 31/01/2024
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IEA’s Electricity 2024 Report mind map Recent News Clean energy transition Accelerating Next three years crucial Low-emission technologies Covering additional demand When Published in 2024 Why Importance of electricity Increasing due to technologies Electric vehicles Heat pumps Largest source of CO2 emissions Power generation Transition to net zero Expansion of renewables Solar Wind power What Overview Deep, comprehensive analysis Policies, market developments Forecast Demand Supply CO2 emissions Through 2026 Global Electricity Demand Projected growth Faster rate next three years 85% increase from outside advanced economies Notably China, India, Southeast Asia Electricity Generation Record-setting from low-emissions sources Renewables Solar, wind, hydro Nuclear power Expected to reduce fossil fuels' role Fossil Fuels Share expected to fall Below 60% first time in IEA records Nuclear Power Forecast to reach all-time high Output increase in France New reactors in various markets CO2 Emissions Expected decrease 2.4% in 2024 Smaller declines following years Where Countries involved Member countries 31 countries Association countries 11 countries India's Role Fastest growth in electricity demand Coal domination Projected decrease to 74% by 2023 Renewable generation 21% in 2023 21 GW added Nuclear expansion Aiming to triple by 2032 Who International Energy Agency (IEA) Autonomous inter-governmental organization Within OECD framework Founded in 1974 Focus Security of oil supplies Members 31 member countries 11 association countries India Joined as associate member in 2017 Reports by IEA World Energy Outlook World Energy Balances Energy Technology Perspectives World Energy Statistics Net Zero by 2050 How By advancing clean energy technologies Solar Wind Hydro Nuclear power Policy and market developments Increasing global electricity demand Significance Match increase in demand With renewable and nuclear power Promising trends Despite needing more progress Structural decline in power sector emissions Challenges Ensuring secure, affordable access to electricity While reducing global CO2 emissions Economic slowdowns Impacting electricity market trends Way Forward Continued focus on renewables Especially solar Support for nuclear power comeback Decoupling electricity demand from emissions

The IEA’s Electricity 2024 Report presents an insightful analysis and forecast of the global electricity sector up to 2026, emphasizing the increasing significance of electricity in modern life, especially with technologies like electric vehicles and heat pumps. It underscores a pivotal shift towards clean energy, with low-emission technologies like solar, wind, hydro, and nuclear power set to meet all additional global electricity demand in the near future. This shift is marked by a projected decrease in fossil fuels’ role in power generation, dropping below 60% for the first time in IEA records, and an increase in renewables and nuclear power. The report, highlighting trends in global electricity demand, particularly notes the significant contributions from non-advanced economies like China, India, and Southeast Asia. Additionally, it discusses the challenges of ensuring secure and affordable electricity access while reducing CO2 emissions, outlining a path forward focused on renewable energy, especially solar, and the revival of nuclear power.

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