Global natural gas demand surged by 2.7% in 2024, reaching an all-time high, according to the International Energy Agency’s Global Energy Review.
Emerging and developing economies accounted for three-quarters of this growth, with total demand rising by 115 billion cubic meters.
Industrial activity and electricity generation drove 75% of this increase. Gas demand for power generation climbed 2.8%, while residential and commercial consumption grew by 1.1%. Natural gas remained the second-largest power source, supplying 20% of global electricity.
Coal and oil also saw demand increases. Coal demand rose by 1.1%, adding approximately 67 million tons due to rising global cooling needs.
The power sector, which accounted for two-thirds of coal consumption, pushed total coal-fired generation to a record 10,700 TWh. Coal remained the world’s dominant electricity source, contributing 35% of total power generation.
Oil demand grew at a slower rate of 0.8% due to sluggish industrial activity and the rising adoption of electric vehicles.
However, the chemical and aviation industries drove oil consumption, accounting for half of total demand following a strong post-pandemic recovery.
Renewable energy and nuclear power experienced rapid growth, contributing 80% of the 1,200 TWh increase in global power generation. Solar PV led the way, with demand rising by 480 TWh.
Solar installations grew by 30%, reaching 550 GW, bringing total global capacity to 2.2 TW. Wind energy demand rose by 180 TWh, with 120 GW in new installations, while hydropower generation increased by 190 TWh.
Hydropower capacity additions totaled 25 GW—double the 2023 levels—driven by projects in Africa and Southeast Asia.
Nuclear energy also expanded significantly, with 7 GW of new capacity added, marking a 33% increase from 2023.
This brought total global nuclear capacity to 420 GW. Additionally, nine new nuclear plants began construction in 2024, including a reactor in Egypt.
