RE will exceed 33 percent of global power next year, India's consumption growth to slow

India's energy consumption will grow at a slower rate over the coming years, estimates from the International Energy Agency suggest.

Demand growth is expected to result from an increased use of household appliances and use of electrical machinery, greater number of electric vehicles, and increased demand for air conditioners.

The country's energy consumption, which rose 8.4 percent in 2022, is forecast to increase by 6.8 percent in 2023 and a slower 6.1 percent in 2024, at which point it will exceed Japan and Korea's consumption combined, the IEA said.

Global power growth, meanwhile, could slow down in 2023, but rebound in 2024. The IEA expects global energy consumption to grow just below 2 percent in 2023, down from 2.3 percent in 2022, itself a below average year due to Covid impact, before registering a 3.3 percent jump next year.

IEA also said renewable energy such as solar and wind power will exceed 33 percent of the total global power supply for the first time in 2024.