International Energy Agency: Global Electricity Demand Growth to Revive in 2024

The International Energy Agency predicted on Wednesday that global electricity demand growth will slow in 2023, due to an ongoing energy sector crisis and economic downturn. However, a potential recovery in 2024 indicates a need for more renewable energy facilities. Forecasts suggest that the global energy consumption growth rate will decrease to less than 2% in 2023, down from 2.3% in 2022, which also saw a decline from the average of the five years prior to the COVID-19 pandemic, which was 2.4%. The agency's data for 2024 show that it expects the rate to rise to 3.3% as economic expectations improve.