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Türkiye emerged as Europe’s fastest-growing energy supplier in 2024, according to the latest Global Energy Statistics Report released by KPMG and the Energy Institute.
The country’s total energy supply rose by 5.1% to 7.02 exajoules, marking the highest growth rate across the continent. This increase secured Türkiye a 1.2% share in global energy supply, placing it third in Europe behind Germany and France.
Between 2014 and 2024, Türkiye achieved an average annual growth rate of 3.5% in energy supply,outpacing all other European countries during this period.
Global energy demand rose by just over 2% in 2024, reaching its highest level on record. Electricity demand increased even more sharply—by over 4%—as electrification accelerated across various industries and transportation sectors.
The expansion in power consumption exceeded overall energy demand growth, underscoring the shift toward electricity as a primary energy source.
This global surge in energy use also contributed to a 1% rise in carbon dioxide emissions, which hit a record high for the fourth consecutive year.
Oil production increased by 0.6% in 2024, reaching 97 million barrels per day. Over two-thirds of this output came from non-OPEC countries.
The United States, for the first time in its history, exceeded 20 million barrels per day in crude oil production, surpassing both Saudi Arabia and Russia.
China continued to lead in renewable energy capacity in 2024, surpassing the combined output of the United States, Europe and India.
China recently launched construction of the world's largest dam, with Chinese Premier Li Qiang laying the foundation in Tibet on Monday.
On the other hand, investment growth in Europe slowed due to high interest rates and ongoing supply chain disruptions.
Wind and solar energy generation rose by more than 16%, growing nearly nine times faster than overall energy demand.
Still, many developing regions face challenges in meeting demand due to limited infrastructure and capital.
Over the past decade, non-OECD countries have doubled the pace of renewable energy investments compared to OECD economies, the report noted.
Hakan Demirelli, Head of the Energy Sector at KPMG Türkiye, described the current global energy landscape as being shaped by “opposing forces.”
He noted that the world is witnessing rapid electrification, which is boosting electricity demand across sectors. However, this trend is not accompanied by a corresponding decline in fossil fuel use. On the contrary, fossil fuel consumption is also rising, maintaining its powerful presence in the global energy mix.
Demirelli emphasized that although renewable energy sources are expanding, global progress toward climate targets remains insufficient. “Electrification is accelerating, but fossil fuel usage is increasing just as fast. Renewable energy is developing, but we are still falling short of reaching climate goals,” he said.
He added that Türkiye’s vigorous growth in energy supply should be viewed as a strategic gain, helping to enhance the country’s energy security and support its economic growth.
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