Statistical Review of World Energy: Renewables soar, but fossil fuels continue to rise as global electricity demand hits record levels

Key Findings:

• Wind and solar combined grew by 16%, reinforcing their role as the fastest growing areas of the energy system. China was responsible for 57% of new additions with solar almost doubling in just two years.
• Wind and solar grew nearly nine times faster than total energy demand, and fossil fuels also grew (just over 1%) in 2024.
• The world saw a 2% annual rise in total energy demand, reaching a new high of 592 EJ.
• All-time records were reached across ALL forms of energy (coal, oil, gas, renewables, hydro and nuclear).
• At 4%, electricity demand growth continued to outpace total energy demand growth, an indicator that the age of electricity is not just emerging but is shaping a new global energy system.

The Energy Institute (EI), in collaboration with Kearney and KPMG, today released the 74th edition of the Statistical Review of World Energy, offering the first complete look at global energy data for 2024.

In a year when average air temperatures consistently breached the 1.5°C warming threshold, global CO₂-equivalent emissions from energy rose by 1%, marking yet another record, the fourth in as many years.

Wind and solar energy alone expanded by an impressive 16% in 2024, nine times faster than total energy demand. Yet this growth did not fully counterbalance rising demand elsewhere, with total fossil fuel use growing by just over 1%, highlighting a transition defined as much by disorder as by progress.

Crude oil demand in OECD countries remained flat, following a slight decline in the previous year. In contrast, non-OECD countries saw oil consumption rise by 1%, where much of the world’s energy demand growth is concentrated and fossil fuels continue to play a dominant role. Notably, Chinese crude oil demand fell in 2024 by 1.2%, indicating that 2023 may have reached a peak. Elsewhere, global natural gas demand rebounded, rising by 2.5% as gas markets rebalanced after 2023 slump.

India’s demand for coal rose 4% in 2024 and now equals that of the CIS, Southern and Central America, North America, and Europe combined.

These trends underscore a stark truth: while renewable energy is scaling faster than ever, global demand is rising even faster. Rather than replacing fossil fuels, renewables are adding to the overall energy mix. This pattern, marked by simultaneous growth in clean and conventional energy illustrates the structural, economic, and geopolitical barriers to achieving a truly coordinated global energy transition.