A global source of energy analysis and projections, this report identifies and explores the biggest trends in energy demand and supply, as well as what they mean for energy security, emissions and economic development.

This year’s report comes against a backdrop of escalating risks in the Middle East and heightened geopolitical tensions globally, and explores a range of energy security issues that decision-makers face as they proceed with clean energy transitions. With rising investment of clean technologies and rapid growth in electricity demand, the report examines how far the world has come on its journey towards a safer and more sustainable energy system, and what more needs to be done to reach its climate goals.

Reflecting today’s uncertainties, the three main scenarios are complemented with sensitivity cases for renewables, electric mobility, liquefied natural gas and how heatwaves, efficiency policies and the rise of artificial intelligence might affect the outlook for electricity.

Key findings

• The potential for near-term disruption to oil and gas supply is high due to conflict in the Middle East. 
• In all scenarios, growth in global energy demand slows thanks to efficiency gains, electrification and a rapid buildout of renewables. 
• Electricity demand grows much faster than overall energy demand, thanks to existing uses, notably cooling, and new ones such as electric mobility and data centres.
• The share of clean energy investment in emerging market and developing economies outside of China remains stuck at 15% of the total, even though these economies account for two-thirds of the global population and one-third of global GDP. 
• Emissions are set to peak soon, but have to decline rapidly: how consumer choices and government policies play out will have huge consequences for energy markets & for our planet.