The International Energy Agency (IEA) called for increased investment in energy production facilities to meet soaring global demand.
In percentage terms, global electricity demand in 2021 rose by the most in a single year since 2010, the IEA reported, with the 1,5000 terawatt-hours (TWh) the largest increase since records began.
Carbon dioxide emissions, up 7% from 2020’s level, rose to a record high in 2021, after falling the previous two years.
The increase in consumption, as economies played catch-up after the disruption caused by the pandemic, combined with a shortage in natural gas and coal caused volatile power prices, the IEA said.
"Sharp spikes in electricity prices in recent times have been causing hardship for many households and businesses around the world and risk becoming a driver of social and political tensions," said IEA executive director Fatih Birol.
The IEA called for increased investment in low carbon technology, renewable energy, nuclear energy, energy efficiency and the expansion of electricity grids to meet burgeoning demand.
The agency expects demand to increase by 2.7% on average from 2022 to 2024, although Coronavirus (COVID-19) and high energy prices could dampen demand growth, it conceded.
"Emissions from electricity need to decline by 55% by 2030 to meet our Net Zero Emissions by 2050 Scenario, but in the absence of major policy action from governments, those emissions are set to remain around the same level for the next three years,” Birol said.
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— International Energy Agency (@IEA) January 14, 2022