Wind and Solar Surge Ahead, Growing Nine Times Faster Than Global Energy Demand

Despite unprecedented growth in wind and solar energy, the world burned more fossil fuels in 2024 than ever before. According to the Energy Institute’s newly released 74th Statistical Review of World Energy, global fossil fuel consumption rose just over 1%, even as renewables surged ahead at breakneck speed.

“This year’s data reflects a complex picture of the global energy transition,” said Andy Brown, President of the Energy Institute.

“Electrification is accelerating, particularly in developing economies. However, the pace of renewable deployment continues to be outstripped by overall demand growth, 60% of which was met by fossil fuels.”

Wind and solar expanded by a remarkable 16% last year, growing nine times faster than overall energy demand. But even that kind of explosive growth couldn’t keep up with the world’s increasing hunger for power. Total global energy demand jumped 2%, hitting an all-time high of 592 exajoules. Electricity demand outpaced that, rising 4%, reinforcing the idea that we’re entering a new era—one defined by electrification at scale.

“All major energy sources, including nuclear and hydro, hit record consumption levels for the first time since 2006,” said Dr. Nick Wayth CEO of the Energy Institute.

“No country has shaped this outcome more than China. Its rapid expansion of renewable capacity, alongside continued reliance on coal, gas, and oil, is driving global energy trends,” he said.

China was once again the global heavyweight in renewables, accounting for 57% of new wind and solar additions. Its solar capacity has nearly doubled in just two years. Still, it’s not enough to tip the balance; China’s fossil fuel consumption remains high, keeping the country firmly in the driver’s seat of the global energy transition.

India’s story adds another layer of complexity. The country’s coal consumption climbed another 4%, putting it on par with the combined coal use of North America, Europe, Latin America, and the CIS. It’s a stark reminder of the challenges facing emerging economies that must balance growth, affordability, and decarbonisation all at once.

Oil use tells a mixed tale. While demand in OECD countries held steady, non-OECD nations saw a modest 1% increase, primarily in Asia and Africa. Curiously, China bucked the trend, with oil consumption falling 1.2%, perhaps indicating it passed its peak last year. Meanwhile, global natural gas demand rebounded 2.5% after a dip in 2023.

But the most sobering headline? Emissions from energy hit a new high. CO₂equivalent emissions rose by 1%, marking the fourth straight year of record-setting levels. This comes as global temperatures continue to exceed the 1.5°C threshold—a line that climate scientists have long warned not to cross.

“We are witnessing the real dangers of regional differences and the cost of inaction in real time,” said Dr. Romain Debarre, Managing Director of the Energy Transition Institute at Kearney.

“Record-high GHG emissions and soaring temperatures in 2024 are a deafening wake-up call. The transition remains chaotic. We have the strategies, technologies, and know-how to deliver, but now we must move from promises to action, at scale and speed.”

“Progress is proving uneven. Despite rapid growth globally, we are not at the pace required. Europe is facing a reality check with high interest rates and supply chain challenges, while China and emerging markets continue to drive growth. What’s emerging is not a uniform transition, but a disorderly one,” Jafri warned.