BAKU, Azerbaijan, January 4. The Economist Intelligence Unit (EIU) has presented a forecast on energy consumption around the world in 2024, Trend reports.
According to a published document, the contribution of renewable energy sources (RES) in global energy consumption will reach a new high of 11 percent in the coming year, while fossil fuels (oil, gas, and coal) will continue to meet around 80 percent of global energy demand.
Despite the fact that an increase in the number of renewable energy facilities is beneficial to solving environmental problems, EIU experts believe that climate change may become one of the barriers to the introduction of renewable energy because droughts cannot be ruled out, limiting the inflow of hydropower.
At the same time, the EIU believes that wind and solar energy consumption will double from 2019 levels due to the effect of the US Inflation Reduction Act (stimulating investment in RES and foreign investment in the US in general) and the smooth implementation of the EU's multi-year RePowerEU program.
Nuclear power, together with gas, was recognized as important for the energy transition in 2023, and the Economist Intelligence forecasts that at least 11 nuclear reactors will be operational globally in 2024, including in Bangladesh and Türkiye. However, nuclear power plants will only account for about four to five percent of the world's fuel needs.
The EIU indicates a continuing global interest in coal, even though it is recognized as a "dirty fuel." Its share of total global energy demand coverage could be around 28 percent in 2024.
"The UK and possibly Italy will close their coal power plants, yet Asia's pull to coal will remain and, not excluded, will intensify," the analytical company said.
As for oil, the EIU believes consumption will grow by one percent in 2024, given the recovery of the world's economies.
"The expected high production of shale oil in America will keep oil prices below 85 dollars per barrel," the EIU believes.
The share of natural gas in total energy to cover global demand in 2024 is expected to be 23–24 percent.
