Global energy demand spiked in 2024, driven largely by surging electricity use, according to a new report released today by the International Energy Agency (IEA). Electricity consumption jumped by nearly 1,100 terawatt-hours – a hefty 4.3% increase – nearly twice the annual average growth of the past decade.
This dramatic rise was largely fueled by the electrification of transportation, record-breaking global temperatures that ramped up cooling needs, coupled with increased industrial activity, and growing energy demand from data centers and AI applications.
Renewables were the real stars in meeting this rising energy need, according to the IEA’s latest edition of the Global Energy Review. The world installed roughly 700 gigawatts (GW) of new renewable power capacity last year, marking the 22nd consecutive record-setting year. Renewables, together with nuclear power – which saw its fifth-highest growth in three decades – accounted for a massive 80% of the global electricity supply increase. Together, renewables and nuclear reached a milestone, covering 40% of total global electricity generation for the first time.
IEA executive director Fatih Birol highlighted the key takeaway: “What is certain is that electricity use is growing rapidly, pulling overall energy demand along with it to such an extent that it is enough to reverse years of declining energy consumption in advanced economies.” He also emphasized the positive shift: “The strong expansion of solar, wind, nuclear power, and EVs is increasingly loosening the links between economic growth and emissions.”
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Among fossil fuels, natural gas saw the largest increase, up by 115 billion cubic meters (bcm), or 2.7%, driven primarily by rising electricity demand, compared with an average of around 75 bcm annually over the past decade.
EV sales surged by over 25% in 2024, now making up 1 in every 5 cars sold globally, and this had a notable impact on oil demand, which grew modestly, at just 0.8%. Oil notably fell below 30% of total energy demand for the first time ever, 50 years after it peaked at 46%.
Coal, despite increasing by 1%, slowed its growth significantly compared to previous years, with intense heatwaves in China and India accounting for over 90% of this rise.
Meanwhile, emissions data painted an encouraging picture: CO2 emissions in advanced economies fell by 1.1% to to 10.9 billion tonnes in 2024 – a level not seen in 50 years, even as their economies have tripled in size. Record temperatures contributed significantly to the annual 0.8% rise in global CO2 emissions to 37.8 billion tonnes. But the rapid adoption of clean energy technologies since 2019 is now preventing 2.6 billion tonnes of CO2 annually – the equivalent of 7% of global emissions.
Dr. Birol summed it up: “From slowing global oil demand growth and rising deployment of electric cars to the rapidly expanding role of electricity and the increasing decoupling of emissions from economic growth, many of the key trends the IEA has identified ahead of the curve are showing up clearly in the data for 2024.”
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In a world where personal mobility devices are getting sleeker and more compact, Cocoa Motors has unveiled the WALKCAR 2, a device that might just make you question the need for walking altogether. Imagine a laptop-sized gadget that lets you glide through the streets or mall with zero effort. It sounds like something straight out of a sci-fi movie, right?
I promise this isn’t an April Fools joke.
The WALKCAR 2 is touted as the world’s smallest portable mobility vehicle, weighing in at a mere 2.9 kg (6.4 lbs) and roughly the size of a laptop. This ultra-lightweight design means you can literally carry your “car” around in a backpack. Forget parking woes – just tuck it under your arm and go!
But don’t let its diminutive size fool you. The standard WALKCAR 2 model boasts a top speed of 10 km/h (6.2 mph) and a cruising range of 7 km (4.3 miles) on a single charge. Need a bit more oomph? The WALKCAR 2 Pro version ups the ante with a top speed of 15 km/h (9.3 mph) and an 8 km (5-mile) range. The two models feature 380W and 460W of power, respectively.
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Both models can tackle inclines—10 degrees for the standard and 12 degrees for the Pro—making hilly commutes a breeze.
Operating the WALKCAR 2 is designed to be an intuitive process controlled simply by shifting your weight:
To speed up, riders press down with the toes of both feet to accelerate. The longer you press, the faster you go, up to the device’s maximum speed. To slow down, lift the toe of either foot slightly to decelerate. Continue this motion to come to a complete stop.
Turning is accomplished by shifting your weight by bending your knees slightly and leaning in the direction you want to turn. The device responds to your center of gravity, allowing for smooth navigation.
It’s said to feel like surfing the pavement. And compared to alternatives like e-bikes, scooters, or skateboards, there’s no handlebars or remote controls, just you and your balance.
Given its compact form, you might expect a bumpy ride, but Cocoa Motors built an innovative suspension system. The WALKCAR 2 features a “2D suspension” design that absorbs vertical and longitudinal vibrations, ensuring a smoother ride over common urban obstacles.
The WALKCAR 2 Pro takes it a step further with “3D suspension technology”, absorbing vibrations in all directions—vertically, longitudinally, and laterally. This means enhanced stability even on rough or uneven surfaces.
To recharge, a laptop-style charger can fill the battery 80% of the way in just 30 minutes, with a full charge taking one hour. The 68 Wh battery is likely compliant with nearly all major international airlines, meaning it could make for some slick airport transportation.
The WALKCAR 2 is priced at US $1,299 while the Pro version carries a higher price tag of $1,499. Both models come in four color options of Sonic Yellow, Celeste Blue, Sand Beige, and Sumi Ink Black. Shipping should start this month with deliveries continuing throughout April and May.
Of course, I’m also a daily runner and rarely miss my 10k step goal, so I’m not sure I’m exactly the intended audience here.
I sure hope this doesn’t truly lead to a Wall-E future of adults no longer using their legs, but I can see the benefit of an extremely portable device that can whisk someone around at 9 mph using hardware barely larger than a bathroom scale.
Of course, what that means for your actual bathroom scale, well that’s for you to consider.
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China is dominating the global EV market, and according to Rivian’s (RIVN) CEO RJ Scaringe, this didn’t happen by accident. After squeezing global automakers out of their home market, Chinese EV makers are quickly expanding overseas. Scaringe explained why China is leading the shift and what the US can do to keep pace.
Rivian CEO explains why China is leading with EVs
During a recent fireside chat with Rishi Dhall, VP of NVIDIA’s automotive business, Scaringe pointed out that only 8% of new vehicle sales in the US last year were electric.
In comparison, EVs accounted for 45% of all car sales in China last year. That’s a massive difference. China is nearly six times ahead of the US in terms of EV adoption.
When asked about China’s innovation happening at “lightning speed” with new models, advanced battery tech, and much lower EV prices, Rivian’s CEO explained how companies in the US can learn from them.
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One of the biggest reasons is the lack of options in the US. Scaringe says there are only “one of two great, high compelling choices” under $50,000. One of those is Tesla, with the Model Y and Model 3. This is evident from Tesla’s “extreme” market share over the past few years.
Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)
Although Tesla vehicles are great, there are still hundreds more choices for gas-powered cars, with different prices, brands, features, and more.
Scaringe says the US needs to offer many more EVs to keep up with China. Rivian currently sells the R1S SUV and R1T electric pickup, but these are flagship products that cost over $70,000 each and have a relatively small market.
Production at Rivian’s Normal, IL plant (Source: Rivian)
What role will Rivian play?
Rivian’s next product, R2, “opens that up dramatically.” The midsize R2 SUV will start at around $45,000, or nearly half the R1S and R1T.
Scaringe explained that the R2 takes “the magic of what is a Rivian at that higher price and puts it into a slightly smaller package.”
Rivian R2 (Source: Rivian)
Although Rivian’s CEO promises it’s the “coolest vehicle,” the US will need more than just that for it to keep pace. We need R2 to be successful, and we need another “10, 15, 20 other options” for EV penetration to really grow in the US.
After the difference in labor costs fades, Scaringe explained, what we are left with is how the vehicles compare in terms of features, content, and other tech advantages.
(Source: Rivian)
In the US, two companies, Rivian and Tesla, have “redefined the network architecture” with vertically integrated tech stacks. In China, many are doing it from the ground up.
Since many automakers in the West source sensors and computers from several suppliers, it is nearly impossible to get them to work in sync, let alone update.
Rivian’s next-gen R2, R3, and R3X (Source: Rivian)
To be competitive, “you have to have the plumbing right,” Scaringe said, referring to vertically integrating the technology. Rivian already has one major global OEM, Volkswagen, planning to use its software in its next-gen EVs. Rivian and VW launched a joint venture worth up to $5.8 billion in November.
In the meantime, Rivian is expanding its Normal, IL plant as it prepares to launch R2. The midsize platform is still on track to launch in 2026.
Rivian EV production plans (Source: Rivian)
Once the upgrades are complete, Rivian will be able to produce around 215,000 vehicles annually, up from around 150,000. Once its new EV plant in Georgia is up and running, which is expected in 2028, Rivian expects to add another 400,000 units to its annual production capacity.
R2 is just the start for Rivian, with the R3 and tri-motor R3X launching shortly after. Rivian will sell the R2 overseas in places like Europe as it expands the brand globally.
Costco members already enjoy solid discounts on GM EVs – and now there’s an attractive deal on the GM Energy PowerShift Charger as well.
GM sent out a bulletin to dealers on March 17 that said Costco members are eligible for a $255 discount on the GM Energy 19.2-kW Powershift Charger when it’s purchased at a GM dealer. The charger costs $1,699 before installation, shipping, or taxes, so that’s a 15% discount, but note that the dealer ultimately sets the charger’s price.
CarsDirect reports that the discounted GM Powershift Charger can be bundled with a new EV purchase or bought on its own. The charger “must be sold as an over-the-counter accessory (ACO).”
All Costco members are eligible for the offer and will need to retrieve the authorization number from the Costco Auto website.
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As for the GM Powershift Charger’s specs, GM Energy says its new 19.2 kW Powershift Charger delivers around 6-7% more juice than a typical 11.5 kW charger, delivering up to 51 miles of range per charge hour. When paired up with a compatible GM EV and the GM Energy V2H Enablement Kit, it offers bidirectional charging, meaning it can double as backup power for your home.
Designed for indoor or outdoor use, it comes with wifi connectivity, an SAE J1772 plug, a 25-foot charging cable, and integrates with the myBrand smartphone app. Costco members also have the option to finance both the charger and its installation through GM Financial.
If you’re looking to electrify your business fleet instead, Costco is also offering Executive members up to $3,000 off BrightDrop’s all-electric commercial vans – the BrightDrop Zevo 400 and Zevo 600.
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