Global Energy Demand Continues to Rise, Despite Economic Challenges

As the global population has surged, so has our demand for energy. In fact, in many places around the world, energy consumption is rising even faster than the population.¹

Even though it’s estimated that our energy consumption won’t increase as rapidly in 2023 as it did in 2021 and 2022 — amid a slowing economy and high energy prices — demand is expected to increase rapidly in the coming years.

By 2050, global energy consumption will increase by nearly 50 percent. This increased demand is driven mostly by economic growth in developing non-OECD countries, many of which are now navigating the energyand emissions-intensive period of urbanization and industrialization that the U.S. experienced more than 100 years ago. Today, these developing nations account for more than 100 percent of the growth in global energy demand.²

It’s important to note that, even as renewable energy becomes more cost-competitive and the demand for it increases, fossil fuels will continue to play an important role in meeting our growing energy needs. (Even in the U.S., a significant majority of our energy — about 80 percent — is currently derived from fossil fuel sources.)