Context:
World Energy Outlook 2024 was released recently.
World Energy Outlook:
- Released by the International Energy Agency (IEA)
- Presents a detailed analysis of global energy trends, focusing on clean energy transitions, rising energy demand, and the impacts of geopolitical conflicts.
Key Highlights of 2024 Report:
- Ongoing conflicts, such as the Russia-Ukraine war, threaten global energy security.
- Record highs in clean energy investments, with 560 GW of renewable capacity added in 2023 alone.
- By 2030, renewable energy is expected to dominate electricity sources, with solar PV and wind energy leading the shift.
- Expected surplus in oil and LNG supply in the latter half of the 2020s, leading to price drops.
- Electric Vehicles projected to account for 50% of new car sales by 2030.
- However, current policies unlikely to meet the global target of doubling efficiency by 2030.
Key Highlights Related to India:
- Expected to witness highest increase in global energy demand over the next decade, expected to rise by nearly 35% by 2035.
- Despite renewable targets, coal remains crucial; nearly 60 GW of new coal capacity projected by 2030.
- Significant growth in industrial sectors; iron and steel production to rise by 70%, cement by 55%.
- Electricity Demand for Cooling – Air conditioner stock projected to grow 4.5 times by 2035, causing a surge in cooling-related electricity demand.
- Electricity generation capacity to nearly triple to 1,400 GW by 2035; set to have world’s third-largest installed battery storage capacity by 2030 by integrating variable renewables like solar and wind..
- Aiming for net zero by 2070; clean power generation expected to be 20% higher by 2035 compared to current projections
Source: Hindustan Times
Previous Year Question
Which of the following organizations brings out the publication known as ‘World Economic Outlook’?
[UPSC Civil Service Exam – 2014 Prelims]
(a) The International Monetary Fund
(b) The United Nations Development Programme
(c) The World Economic Forum
(d) The World Bank
Answer: (a)
