Renewables will dominate the growth of global electricity supply and meet the vast majority of the increase in demand to 2025, according to a new report out today from the International Energy Agency (IEA).
Renewables’ share of the global power generation mix is forecast to rise from 29% in 2022 to 35% in 2025, with the shares of coal- and gas-fired generation falling, according to the IEA’s “Electricity Market Report 2023.” So that means that the CO2 intensity of global power generation will continue to fall in the coming years.
IEA executive director Fatih Birol said:
The world’s growing demand for electricity is set to accelerate, adding more than double Japan’s current electricity consumption over the next three years.
The good news is that renewables and nuclear power are growing quickly enough to meet almost all this additional appetite, suggesting we are close to a tipping point for power sector emissions. Governments now need to enable low-emissions sources to grow even faster and drive down emissions so that the world can ensure secure electricity supplies while reaching climate goals.
Renewables and nuclear will dominate the growth of the global electricity supply over the next three years, together meeting on average more than 90% of additional demand. China accounts for more than 45% of the growth in renewables from 2023 to 2025, followed by the EU with 15%.
Global electricity generation from both natural gas and coal is expected to remain broadly flat between 2022 and 2025. Gas use will drop in the EU but is expected to rise in the Middle East. A drop in coal use in the EU and the Americas will be matched by a rise in Asia Pacific. Developments in China, where more than half of the world’s coal-fired generation occurs, will remain a key factor.
After reaching an all-time high in 2022, power generation emissions are set to plateau through 2025. Global electricity generation emissions increased 1.3% in 2022, a rate similar to the 2016-2019 average. That’s a significant slowdown from the 6% rise in 2021, which was driven by the rapid economic recovery from the pandemic.
After 2021, 2022 marks the highest percentage growth in emissions of EU power generation since the oil crises of the 1970s, recording a 4.5% year-on-year growth. However, the EU’s setback will be temporary, as power generation emissions are expected to decrease on average by about 10% annually through 2025. Coal is expected to fall by 10% and gas by almost 12% annually on average over the outlook period as renewables ramp up and nuclear generation recovers.
Electricity demand in India and the US rose, while the zero-Covid policy affected China’s growth. The US recorded a significant 2.6% year-over-year demand increase in 2022 that was driven by economic activity and higher residential use to meet both heating and cooling needs amid hotter summer weather and a colder-than-normal winter. Electricity demand in India rose by a 8.4% in 2022, due to post-pandemic economic recovery and exceptionally high summer temperatures.
Photo: Siemens Gamesa
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Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
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After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Genesis Neolun ultra-luxury electric SUV concept (Source: Genesis)
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
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The new electric Mercedes CLA (Source: Mercedes-Benz)
July EV sales looked strong on the surface, but the looming impact of tariffs and the end of EV tax credits reveal a more complicated picture, according to Cars.com’s new Industry Insights report.
New-vehicle sales jumped 6.6% year-over-year, even as dealer inventory fell for the first time since 2022. Much of the spike came from a “buy now” mindset as shoppers raced to lock in deals before tariffs and policy changes drive prices higher. For EVs in particular, the looming end of the federal $7,500 tax credit on September 30 added another layer of urgency.
EV inventory growth is slowing – for now
Shoppers technically have more EV options than ever, with 75 models on the market – a 27% jump from last year. But new EV inventory growth has slowed to just 9% year-over-year, the lowest since before the Inflation Reduction Act revived federal incentives. Analysts expect another wave of buying before the tax credit vanishes, but after that, higher prices could cool demand, especially with most new EVs still priced in the premium-to-luxury bracket.
Tariffs set to push prices higher
Automakers absorbed an estimated $12 billion in tariff costs in the second quarter alone to keep sticker prices steady. That’s not sustainable, and once those costs flow into 2026 models, EV buyers could be facing thousands more on the same car.
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At current 25% tariff levels, the average new-vehicle price could jump from $48,000 to $54,400 – about $6,400 more. Even if trade deals trim tariffs to 15%, buyers would still see increases of more than $4,000. That’s a huge gap compared to household incomes, which grew only 1% last year.
The used EV market is heating up
While new EV prices are bracing for impact, the used EV market is gaining momentum. Inventory is up 33% year-over-year, while average prices dipped 2% to $36,000. Affordable used EVs under $25,000 – including the Tesla Model 3, Nissan Leaf, and Chevy Bolt EV – are selling 20% faster than average. Many also qualify for the $4,000 used-EV tax credit, which, like the new EV credit, ends September 30.
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