According to data, the use of nuclear power is expected to surpass previous records in 2025 as more nations turn to reactors to support the transition to a more environmentally friendly global economy. Additionally, renewable energy is predicted to surpass coal as a primary source of power in the near future.
According to a recent report by the International Energy Agency (IEA), China, India, Korea, and Europe are expected to see the addition of new reactors. Additionally, there is a projection for several reactors in Japan to resume production, and an increase in output from France.
The global demand for electricity is projected to rise due to the shift towards a low-carbon economy. This is driven by the adoption of electric vehicles, heat pumps, and other low-carbon industrial practices which rely on electricity instead of traditional oil and gas sources.
The ongoing increase in renewable energy production indicates that these extra needs will most likely be met by wind, solar, and other environmentally-friendly sources. By early next year, renewables are expected to account for approximately one third of the world’s total electricity generation.
According to Dave Jones, the insights director of energy thinktank Ember, these findings suggest a possible turning point. Jones stated that this marks the start of the decline of the fossil fuel era. It is a significant milestone in the shift towards alternative energy sources. The report predicts that by 2023, there will be no further growth in fossil fuel power. This year marks the beginning of a new era where fossil power will decrease instead of increase.
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However, he emphasized that simply reaching the peak is insufficient; we must also make significant and immediate reductions in CO2 emissions.2
We need to make cuts in order to stay within our very limited carbon allowance. We are taking the correct actions, but we must do them at an even quicker pace.
The IEA’s executive director, Fatih Birol, praised the advancements as a promising indication in the battle against climate change. However, he noted that much more work is necessary.
The energy industry is responsible for the highest amount of carbon dioxide emissions in the global economy. It is positive to note that the increasing use of renewable energy and the steady growth of nuclear power are expected to meet the rise in global electricity demand within the next three years.
“This is largely thanks to the huge momentum behind renewables, with ever cheaper solar leading the way, and support from the important comeback of nuclear power. While more progress is needed, and fast, these are very promising trends.”
The IEA’s 2024 report on market trends and regulations, released on Wednesday, revealed a 2.2% rise in global electricity consumption in 2023. It is projected to continue increasing by about 3.4% from 2024 to 2026, driven primarily by fast-growing economies such as China, India, and Southeast Asia.
The IEA cautioned that there is still uneven growth in power capacity globally. Even though Africa has seen an overall increase in electricity supply, the per capita power consumption on the continent has not changed in over thirty years.
This creates a hindrance to economic and societal progress, as individuals living in poverty resort to using polluting forms of energy like biomass and paraffin. The limited access to electricity also impedes children from receiving education and jeopardizes the health of those in hospitals during power outages.
Birol stated that it is crucial for the international community to collaborate with African governments in order to facilitate the necessary advancements in electricity accessibility.
Africa has some of the world’s greatest potential for solar and wind generation, and many of the vital minerals needed for renewable generation components, but would-be generators face large obstacles in the form of a high cost of capital for renewable energy projects. Many governments are urging institutions such as the World Bank to adjust their practices to make such development easier.
Source: theguardian.com
