07/19/2023 - Philip's Carbon Market News

Global power demand growth to rebound in 2024 Reuters, Global power demand growth to rebound in 2024 after slowdown, IEA says By Forrest Crellin July 18, 2023

PARIS, July 19 (Reuters) - An ongoing energy crisis and an economic downturn is expected to slow global power demand growth in 2023, but a probable rebound in 2024 means more renewable capacity needs to be developed, the International Energy Agency (IEA) said on Wednesday.

The global growth rate for energy consumption is set to slow to slightly less than 2% in 2023, down from 2.3% in 2022, which was also down from the five-year pre-COVID 19 average of 2.4%.