It is predicted that the growth of global power demand will slow down. The growth of power supply is mostly in China

On November 6, the International Energy Security Research Center of the University of Chinese Academy of Social Sciences

(Graduate School) and the Social Sciences Literature Press jointly released the World Energy Blue Book: World Energy

Development Report (2022). The Blue Book points out that in 2023 and 2024, the growth of global power demand will slow

down, and renewable energy will become the main source of power supply growth. By 2024, renewable energy power supply

will account for more than 32% of the total global power supply.

The World Energy Blue Book: World Energy Development Report (2022) describes the global energy situation and China’s

energy development, sorts out and analyzes the development, market trends and future trends of the world’s oil, natural gas,

coal, electricity, nuclear energy, renewable energy and other energy industries in 2021, and focuses on hot topics in China

and the world’s energy industry.

The Blue Book points out that in 2023 and 2024, global power demand will increase by 2.6% and slightly more than 2%

respectively. It is estimated that most of the power supply growth from 2021 to 2024 will be in China, accounting for about

half of the total net growth. From 2022 to 2024, renewable energy is expected to become the main source of power supply

growth, with an average annual growth of 8%. By 2024, renewable energy power supply will account for more than 32% of

the total global power supply, and the proportion of low-carbon power generation in total power generation is expected to

rise from 38% in 2021 to 42%.

At the same time, the Blue Book said that in 2021, China’s power demand will grow rapidly, and the whole society’s electricity

consumption will be 8.31 trillion kilowatt hours, an increase of 10.3% year on year, which is far higher than the global level.

It is estimated that by 2025, China’s emerging industries will account for 19.7% – 20.5% of the total social electricity consumption,

and the average contribution rate of electricity consumption increment from 2021-2025 will be 35.3% – 40.3%.