The world is hungry for more energy and at a faster-than-average pace.
According to the most recent Global Energy Review from the International Energy Agency (IEA), global energy demand grew by 2.2% in 2024. This means a higher demand for all energy sources including oil, natural gas, coal, renewables and nuclear power.
Demand for electricity went up almost twice as fast as wider energy demand. Plus, nearly all of the rise in electricity demand was met by low-emissions sources.
Energy Fellow at the University of Houston Ed Hirs said the United States saw tremendous economic growth last year and is on pace for more good things this year.
"Of course, that helps spur economic growth in the countries that supply us with goods including China," said Hirs.
Growth in energy demand slowed to under 3% in 2024 for China, which is half the rate in 2023. Still, China saw the largest demand growth in absolute terms of any country last year, according to the IEA. India saw the second-largest rise in energy demand in absolute terms with the U.S. coming in at third.
"One of the challenges that China has is the inversion of it's population," Hirs added. "There are fewer workers to support the older workers and so it's difficult to drive the Chinese economy forward."
Hirs said the Chinese government is trying to encourage the growth of a consumer-based economy internally versus an outward looking export-based economy.
As for the U.S., Hirs said demand growth should continue, as long as there's not a recession, which some people fear is possible from President Trump's continued tariff talk.
"This is a pretty good indicator that economic growth is continuing and as that happens we're going to see development because energy resources continue," Hirs said about the IEA report. "As long as we don't fall into a recession, we should have demand growth."
Renewables made up a good chunk of the growth in the global energy supply (38%), followed by natural gas (28%), coal (15%), oil (11%) and nuclear (8%). Demand for natural gas was significant among fossil fuels too with a 2.7% increase in 2024 compared to the year prior.