Surge in global energy demand growth, and more top energy stories

Growth in global energy demand rose in 2024 to almost twice its recent average, according to a new report from the International Energy Agency (IEA).

The Global Energy Review found that global energy demand grew by 2.2% last year, which was considerably faster than the average annual demand increase of 1.3% over the previous 10 years.

Emerging and developing economies accounted for over 80% of the increase in 2024 and, after several years of declines, advanced economies returned to growth.

The acceleration was led by the power sector, the IEA says. In 2024, global electricity consumption surged by 4.3%. Low-emissions sources covered most of this increase.

As competition grows in the global EV market, China’s BYD has overtaken Tesla in annual sales, recording $107 billion in revenues for 2024.

BYD recently announced an ultra-fast charging system it says can add 470 kilometres of range in five minutes – faster than Tesla’s charging technology.

The founder of BYD is reported to have a “battery obsession”, and according to the Financial Times, the release of the new technology implies the company has cleared several barriers to ultra-fast charging, including safety risks and shorter battery lifespans.

EV sales are rising globally – 1.2 million EVs were sold last month – a 50% jump compared to the same month the previous year. With charging time reported as among the key factors stopping people purchasing EVs, advances in battery technology are vital to wider adoption.

It comes as the Trump administration announces 25% tariffs on car and car parts imports to the US, which will also impact Tesla.

Process and energy technology giant Schneider Electric is set to invest more than $700 million in the US energy sector.

Engineering and technology company Bosch has said it will start producing electrolyzer components for hydrogen production, adding it expects its hydrogen business to make billions of euros by 2030.

The price of copper is set to hit new records of $12,000 or more a tonne this year, the Financial Times reports, amid rising demand and potential trade tariffs. Copper is used in many sectors, including renewable energy and for power grids.

Half of the UK’s oil and gas demand could be met domestically with investment in drilling in the North Sea, according to industry body Offshore Energies UK.

Production, consumption and exports of US ethane reached record highs in 2024, according to the US Energy Information Administration.

A fusion energy start-up in Germany has raised $120 million in new funding as the country ramps up efforts to make fusion a reality. The investment is one of the largest to date in Europe’s fusion industry.

Uzbekistan is moving ahead with plans to build its first nuclear power plant – a critical project for the country’s energy security, officials say.

No single technology can meet the growing demand for electricity, necessitating a diverse energy mix for the future. How can we rapidly scale electricity generation and distribution while keeping it reliable, affordable and sustainable? Discover more in this article.

Thermal batteries are a cost-effective and scalable way of converting renewable electricity from sources like wind and solar to always-on energy. Find out how they could help bridge the gap between constant industrial demand and inexpensive intermittent power.

Industrial clusters could be pivotal in shaping the future of the energy transition. Find out why in this video:

To learn more about the work of the Centre for Energy and Materials, contact Ella Yutong Lin: ellayutong.lin@weforum.org.