World Finds it Difficult to Meet Energy Demands by 2050
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
By Shubhendra Anand , 21 November, 2024
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels still dominate the energy market compared to renewables in 2024. A survey on the energy market shows fossil fuel's dominance in 2024. Hence, experts suggest faster progress in renewable production to overcome fossil fuel usage.
In the era of sustainability, it is important to boost the adoption of renewables in different market sectors. According to a survey done by World Energy in 2024, fossil fuel consumption globally exceeds all records in 2023. If fossil fuel usage in the energy sector expands, it may affect sustainability. It will hinder the transition to clean energy. Based on energy sector data, renewables like wind energy see substantial growth of 8 gigawatts in 2023, leading to 11 percent progress in electricity generation. Earlier studies predicted that the overuse of fossil fuels could put the world in great danger if we do not switch to renewables. Hence, globally, the developed and developing nations are switching to renewables to beat fossil fuel consumption. However, it is challenging to create a clean energy landscape too soon.
Developing nations like China and India are significant contributors to fossil consumption, as reported by the survey in 2024. The large population in these two Asian nations is the main factor boosting fossil fuel consumption. Providing large sets of renewables and clean fuel to such a large population is difficult. Even India's records hitting the highest power demand in 2024 indicate more fossil fuel consumption in the future. Other surveys show that energy consumption will rise to 620 Exajoules in 2023, the highest of all time. It led to carbon emissions of 40 Gigatonnes for the first time. Hence, it is important to determine whether a clean energy transition with renewables is effectively working, as fossil fuel consumption narrates a different story.
China and India reported the highest carbon emission
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Shubhendra Anand
Head Research
