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Nov 7, 2024 - World Energy Outlook 2024: Entering the age of electricity



World Energy Outlook 2024 shows critical choices facing governments and consumers as period of more ample supplies nears and surging electricity demand reshapes energy security

Regional conflicts and geopolitical strains are highlighting significant fragilities in today`s global energy system, making clear the need for stronger policies and greater investments to accelerate and expand the transition to cleaner and more secure technologies, according to the IEA`s new World Energy Outlook 2024.

The latest edition of the World Energy Outlook (WEO), the most authoritative global source of energy analysis and projections, examines how shifting market trends, evolving geopolitical uncertainties, emerging technologies, advancing clean energy transitions and growing climate change impacts are all changing what it means to have secure energy systems. In particular, the new report underscores that today`s geopolitical tensions and fragmentation are creating major risks both for energy security and for global action on reducing greenhouse gas emissions.

The report`s projections based on today`s policy settings indicate that the world is set to enter a new energy market context in the coming years, marked by continued geopolitical hazards but also by relatively abundant supply of multiple fuels and technologies. This includes an overhang of oil and liquefied natural gas (LNG) supply coming into view during the second half of the 2020s, alongside a large surfeit of manufacturing capacity for some key clean energy technologies, notably solar PV and batteries.

“In the second half of this decade, the prospect of more ample – or even surplus – supplies of oil and natural gas, depending on how geopolitical tensions evolve, would move us into a very different energy world from the one we have experienced in recent years during the global energy crisis,” said IEA Executive Director Fatih Birol. “It implies downward pressure on prices, providing some relief for consumers that have been hit hard by price spikes. The breathing space from fuel price pressures can provide policymakers with room to focus on stepping up investments in clean energy transitions and removing inefficient fossil fuel subsidies. This means government policies and consumer choices will have huge consequences for the future of the energy sector and for tackling climate change.”