2024: Renewables Grow, but Fossil Fuels Persist

Quick Summary

• Global electricity consumption surged by 4.3% in 2024, nearly double the previous decade’s annual average.
• Renewables and nuclear power made up 80% of the increase in electricity generation worldwide.
• renewable energy installations (solar, wind) hit record levels for the 22nd consecutive year; nuclear capacity grew by 33% compared to 2023.
• Energy-related carbon dioxide emissions rose by only 0.8%, decoupling from a global economic growth rate of over 3%.
• Fossil fuel demand also increased: oil (+0.8%), coal (+1%), and natural gas (+2.7%) due to industrial growth and extreme heat driving air conditioning use, especially in China and India.
• Electric vehicles accounted for one-fifth of global car sales; sales of electric heat pumps surpassed gas furnaces in several nations like the U.S.
• As 2019, advancements in renewables, EVs, nuclear energy, and heat pumps have prevented annually emitting an estimated 2.6 billion metric tons of CO2.

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Indian Opinion Analysis

India’s role as both a contributor to escalating global emissions and a potential leader in renewable energy adoption is underscored by this report. The surge in fossil fuel demand-driven partially by extreme weather events such as heat waves-reflects India’s increasing need for reliable electricity infrastructure during such crises. This dual challenge highlights the urgency for balanced strategies that rapidly scale renewables while addressing immediate energy security concerns.

the record-breaking growth in solar power globally presents opportunities for India’s established solar sector to expand further with targeted investments and policy incentives. However, with coal usage remaining high domestically-aligned with trends noted globally-it becomes imperative for India to accelerate its transition away from fossil fuels rather than relying on incremental shifts.

As carbon emissions decouple from economic growth worldwide due to clean-energy deployment like EV adoption or renewable expansion seen elsewhere-including developing economies-it signals an optimistic trajectory that could enable sustainable progress models applicable across regions like South Asia if strategically pursued.

It is indeed crucial that efforts within India align both infrastructurally (grid modernization) and financially (accessing international climate funds).Ultimately navigating rising demand amid climate commitment constraints will determine whether nations such as India contribute more fully toward achieving meaningful progress without compromising economic momentum.