The Economist – Energy outlook, 2024

Global energy consumption is projected to accelerate in 2024, with fossil fuels dominating despite increasing demand for renewables. Coal, gas, and oil demand are expected to reach record levels, hindering efforts to reduce emissions. Renewable energy, particularly solar and wind, will see significant growth, as will hydrogen production capacity. However, hydropower production will remain low due to climate change effects. Energy demand in Asia is set to expand by 3.1%, while Europe faces declining energy consumption and limited gas supply. Global fossil fuel demand is expected to peak in 2024, with coal consumption rising for the fourth consecutive year. Despite efforts to reduce emissions, strong demand in Asia and the Middle East will drive gas consumption growth, while coal demand in Europe is set to decline after a temporary increase in 2022.