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EVs power up, oil demand growth slows: 2024’s rapid global energy shift – IEA

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Global energy demand spiked in 2024, driven largely by surging electricity use, according to a new report released today by the International Energy Agency (IEA). Electricity consumption jumped by nearly 1,100 terawatt-hours – a hefty 4.3% increase – nearly twice the annual average growth of the past decade.

This dramatic rise was largely fueled by the electrification of transportation, record-breaking global temperatures that ramped up cooling needs, coupled with increased industrial activity, and growing energy demand from data centers and AI applications.

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Global EV sales surge 18% y-o-y – but speed bumps lie ahead

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London-based Rho Motion just dropped the latest numbers on global EV sales for January 2025, and here’s the headline: 1.3 million electric vehicles were sold worldwide. That’s down by more than a third from December’s record-breaking numbers, but don’t let that fool you – January 2025 still saw an 18% jump compared to the same month last year.

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