Electricity could meet a third of global consumption by 2035

The International Energy Agency (IEA) predicts that electricity could account for a third of global energy consumption by 2035, according to a recent analysis. The organization is confident that existing technologies and pre-war energy prices make this goal achievable, potentially making current energy demand even more cost-effective to meet through electrification, especially in light of high energy prices stemming from the Middle East conflict.

The IEA, based in Paris, proposes that countries collectively aim to raise the share of electricity in total energy use to 35% by 2035, an increase from the current 23%. This proposal will be discussed at the COP31 climate summit, which Turkey is hosting in November.

The agency emphasizes that electrification should be supported by "diverse and sustainable energy sources," though it does not rule out the use of coal, oil, or gas in generating electricity. The IEA estimates that fuel-importing countries could reduce their energy import bills by over $400 billion between now and 2035 if they speed up the electrification of their economies.

While generating electricity from gas could partially offset the need for energy imports, the IEA notes that it would not fully reverse the reductions in imports.