IEA says electricity could supply a third of global energy by 2035

A new analysis by the International Energy Agency indicates that electricity can economically satisfy about a third of global energy consumption by 2035 using today’s technologies and pre-conflict price levels. The agency highlights that one outlet surge in energy prices, driven by the Middle East war, could further expand the portion of demand that is cost-effective to electrify. At the COP31 climate summit, which Turkey will host, a proposal seeks to raise the global electricity share in total energy use to 35% by 2035, up from one outlet 23%, while permitting generation from a mix of sustainable and fossil sources.

The IEA estimates that accelerating electrification could reduce energy import costs for fuel-importing countries by more than $400 billion over the next decade. Although meeting the added demand with gas-generated electricity would offset some import savings, it would not fully reverse the reduction. The findings suggest the proposed target is within reach if policy and investment align with the analysis.