According to data, nuclear power production is expected to reach new heights in 2025 due to increased investment in reactors to support the transition towards a low-carbon global economy. Additionally, renewable energy is projected to surpass coal as a primary source of power in the near future.

A recent report from the International Energy Agency (IEA) states that China, India, Korea, and Europe are expected to have new reactors begin producing electricity. Similarly, Japan is predicted to resume generation at various plants, and there is also expected to be an increase in French output. This information was published on Wednesday in a report on the current state of global electricity markets.

The demand for electricity is predicted to rise globally due to the transition towards a low-carbon economy. This is mainly driven by the use of electric vehicles, heat pumps, and low-carbon industrial methods which all rely on electricity instead of traditional sources like oil and gas.

As renewable energy continues to expand, it is expected that these new needs will be met entirely by wind, solar, and other environmentally friendly sources. By early next year, renewable energy is projected to account for approximately one-third of all electricity production worldwide.

Dave Jones, the director of insights at Ember, a think tank focused on energy, stated that the results signify a potential shift in direction. He believes that this marks the start of the end for the era of fossil fuels. This report indicates that 2023 will be the year when growth in fossil fuel usage will come to an end. This year marks the likely beginning of a new phase in which there will be a decline in the use of fossil fuels.

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However, he emphasized that reaching the peak of emissions is not sufficient. We must also prioritize significant and swift reductions in CO2 levels.₂

We must make cuts in order to stay within our extremely limited carbon allowance. Our actions are moving in the right direction, but we must accelerate them even more.

The executive director of the IEA, Fatih Birol, praised the advancements as a promising indication in the battle against climate change, but emphasized that much greater determination is required.

He stated that the electricity industry is responsible for the highest amount of carbon dioxide emissions in the global economy. However, it is promising to note that the use of renewable energy sources and the gradual increase in nuclear power will be able to keep up with the rise in global electricity demand over 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 Electricity 2024 report, released on Wednesday, revealed that global electricity demand rose by 2.2% in 2023 and is predicted to continue growing by about 3.4% from 2024 to 2026. This growth is largely driven by developing economies, particularly China, India, and southeast Asia.

The IEA cautioned that there is still unequal growth in power capacity across the globe. While there has been an overall increase in electricity supply in Africa, per capita power consumption in the continent has not changed for over 30 years.

This is a brake on economic and social development, as people in poverty turn to polluting sources of energy such as biomass and paraffin. A lack of readily available electricity also holds back children from education and imperils health whenever hospitals experience blackouts.

Birol stated that collaboration between the international community and African governments is necessary in order to achieve the necessary advancements in electricity accessibility.

The continent of Africa holds immense potential for harnessing solar and wind energy, as well as possessing valuable minerals required for renewable energy production. However, those interested in generating renewable energy are hindered by significant challenges, including the high financial investment required for these projects. In response, various governments are calling on organizations like the World Bank to modify their policies in order to facilitate the development of renewable energy in Africa.

Source: theguardian.com