IEA国际能源署：2026年全球能源回顾报告（英文版）

GlobalEnergyReview2026

INTERNATIONALENERGYAGENCY

TheIEAexaminesthe

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includingoil,gasand

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Abstract

ThiseditionoftheGlobalEnergyReviewprovidesthefirstfullassessmentoftrendsacrosstheentireenergysectorin2025,withdataforallfuelsandtechnologies,allregionsandmajorcountries,andenergy-relatedcarbondioxide(CO2)emissions.

Thereportcoversestimatesofenergydemandbyregionandbysourceandfuelin2025;developmentsinelectricitydemandandsupply;deploymentofselectedenergytechnologies;andestimatesofenergy-relatedCO2emissions.Thereportalsoassessestrendsinenergyintensityandanalysestheimpactoffactors,suchasweathereffects,onenergydemandandemissions.

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Tableofcontents

Keyfindings 5

Globaltrends 7

Oil 15

Naturalgas 18

Coal 21

Electricitydemand 23

Technology:Electricvehicles 26

Technology:Heatpumps 27

Electricitysupply 28

Technology:SolarPVandwind 32

Technology:Nuclear 34

Technology:Batterystorage 35

CO2emissions 36

Dataandmethodology 43

Acknowledgements,contributorsandcredits 46

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Keyfindings

Allmajorenergyfuelsandtechnologiesgrewin2025–butatverydifferentrates.Overallglobalenergydemandgrowthslowedto1.3%,justbelowtheaverageforthepreviousdecade.Slowereconomicgrowthandslowergrowthinenergy-intensiveindustriesinsomeregions,lowercoolingdemand,andfasterefficiencyimprovementsallcontributedtoslowerdemandgrowth.

SolarPV,thelargestsinglesourceofgrowth,metmorethan25%ofhigherdemand,followedbynaturalgas,whichcontributed17%.Thiswasthefirsttimeonrecordthatamodernrenewablesourcecontributedthelargestshareofglobalenergydemandgrowth.Demandforoil,naturalgasandcoalallgrewin2025,butataslowerratethanin2024.Low-emissionssourcescombined–solar,wind,nuclear,hydropowerandotherrenewables–contributednearly60%ofthegrowthinglobaldemand.

DemandgrowthintheUnitedStatesrosetoitssecondhighestlevelsince2000,excludingpost-recessionreboundyears,boostedbystrongelectricitydemandfromdatacentres,robustindustrialgrowthandcoldertemperatures.ThePeople’sRepublicofChina(hereafter,“China”)accountedforthelargestoverallshareofglobalenergydemandgrowth,butat1.7%itsgrowthrateslowedsharplyduetotherapidgrowthofrenewablesandefficiencyimprovements.

Demandforelectricitygrewatwellovertwicetherateofenergydemand,reaffirmingthattheworldhasenteredtheAgeofElectricity.Growthofnearly3%remainedabovetheaverageof2.8%overthelastdecade,butwasslowerthanin2024,largelyduetoone-offfactorssuchaslowerdemandforcoolinginIndiaandSoutheastAsia.Electricitydemandgrowthwasagaindrivenbyawiderangeofendusesinbuildingsandindustry.Althoughonlycontributingasmallshareofthistotalgrowth,demandfromelectricvehiclesanddatacentresgrewrapidly.IntheUnitedStates,datacentresmadeuphalfofallgrowthinelectricityuse.

Oildemandgrowthslowedfurtherin2025,increasingby0.65millionbarrelsperday(mb/d)or0.7%,downfrom2024’salreadymuted0.75mb/dofgrowth.Theincreaseinbothyears,whichwasinlinewithIEAprojections,remainedwellbelowtheaverageannualrisebetween2010and2019of1.4mb/d.Theslowerincreasemainlyreflectedweakergrowthinpetrochemicalfeedstocks,notablyinChina,whilecontinuedgrowthofelectricvehicleskeptoildemandforroadtransportincheck.Electriccarsalescontinuedtheirrapidgrowth,climbingover20%tomorethan20millionunits–aroundonequarterofnewcarsalesin2025.

Gasdemandgrowthslowedmarkedlyin2025,risingbyaround1%,downfromthe2.8%recordedin2024,amidrelativelyhighpricesinthefirsthalfoftheyear.IncrementaldemandwaslargelyconcentratedintheUnitedStatesandEuropean

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Union,supportedbycolderwinterweather,andintheMiddleEast,wheregasuseinthepowersectorgrewquickly.Bycontrast,AsiaPacificdemandgrewatitsweakestpacesincethe2022energycrisis.

Coaldemandin2025grewonlymodestlyabove2024levels,risingbyaround0.4%.IntheUnitedStates,gas-to-coalswitchingandstronggrowthinelectricitydemandsupporteda10%riseincoaluse,reversingthetrendofrecentdeclines.CoaldemandwasflatinChina:strongrenewablesgrowthpusheddowncoaluseinelectricitygeneration,whileinindustry,lowercoaluseinsteelandcementproductionwasoffsetbyincreaseduseforchemicals.CoaldemandforpowergenerationdecreasedinIndia,mostlyduetoanearly,strongandlongmonsoon.

Theincreaseingenerationfromrenewablesandnuclearpowerin2025exceededthetotalgrowthinelectricitysupply.The2025increaseinsolarPVof600terawatt-hours(TWh)wasthelargest-everelectricitygenerationincreasebyanysourceinoneyear,outsideofperiodsofpost-crisisrecovery.TheriseinsolarPValonemetaround70%ofelectricitygenerationgrowth.Renewablescombinednowvirtuallymatchtotalglobalgenerationfromcoal.IntheEuropeanUnion,theshareofsolarPVandwindreached30%in2025,surpassingthatoffossilfuelsforthefirsttime.Electricitygenerationfromnaturalgasandfromnuclearpowercontinuedtogrowatthegloballevelin2025.

Annualglobalrenewablecapacityadditionsrosetoarecord800gigawatts(GW),ofwhichsolarcontributed75%.Batterystoragewasthefastestgrowingpowertechnology:capacityadditionsrosebyaround40%in2025toreachalmost110GW,morethanthehighest-everannualcapacityadditionsfromnaturalgas.Inaddition,constructionstartedonover12GWofnuclearpowercapacityin2025.

Globalgrowthinenergy-relatedcarbondioxide(CO2)emissionsslowedfurtherin2025,risingbyaround0.4%.EmissionsfromChinafellduetotheboominrenewables,structuraldeclinesinenergy-intensiveindustry,andoverallslowerdemandgrowth.India’senergy-relatedCO2emissionswereflatforthefirsttimesincethe1970s,largelyduetocyclicaleffectsfromastrongmonsooncombinedwithstructuralgrowthinrenewables.Acoldwinterandhighernaturalgaspricespushedupemissionsinadvancedeconomies.Duetothesetrends,emissionsfromadvancedeconomiesgrewfaster(+0.5%)thanthosefromemergingmarketanddevelopingeconomies(+0.3%)forthefirsttimesincethe1990s.

Therolloutofcleanenergytechnologiessince2019avoidedmorethan35exajoulesofannualfossilfueldemandin2025,equivalenttoaround7%ofglobalfossilfueluseannually.DeploymentofsolarPV,wind,nuclear,electriccarsandheatpumpssince2019alsoprevents3billiontonnesofCO2annually,oraround8%ofglobalemissions.Theavoidedcoaldemand(around800milliontonnesofcoalequivalent)equatestomorethantheentirecoaluseofIndiain2025.Estimatedavoidedgasdemand(over260billioncubicmetres)isequivalenttoalmosthalfthegloballiquefiednaturalgas(LNG)market.

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Globaltrends

Demandforallfuelsandtechnologiesgrewin2025

Globalenergydemandgrewby1.3%,or8exajoules(EJ),in2025.Thisrepresentsanotableslowdowninenergydemandgrowthfrom2024,whenitincreasedby2%.Arangeoffactorsexplainthis.Firstly,althoughtheglobaleconomicexpansionremainedrobust,therateofgrowthwasslightlyslowerthanin2024,withslowergrowthinenergy-intensiveindustriesinsomeregions.Secondly,lowertemperaturesrelativeto2024ledtolowercoolingdemand.Thirdly,energyintensityimprovementsaccelerated.

Allenergysourcescontributedtomeetingglobalenergydemandgrowthin2025,withsolarPVandnaturalgasleadingtheway.GrowthinsolarPVmetmorethanone-quarterofglobalprimaryenergydemandgrowth,thefirsttimeonrecordthatamodernrenewablesourcecontributedthelargestshareofthegrowthinglobalenergydemand.Naturalgasfollowed,meetingaround17%ofglobaldemandgrowth.Oilcontributedaround15%,followedbysolidbioenergyandwaste.Coaldemandgrowthslowed,duetodeclinesinChinaandIndia.Inall,low-emissionssourcescontributednearly60%oftotalenergydemandgrowth.Thiswasdespitealmostnogrowthinhydropowerduetopoorhydrologicalconditionsinsomemajorregions.

Growthinenergydemandbysource,2025

Globalenergydemand:averageannualgrowth,2013-2025,andshareofgrowthbysource,2025

Naturalgas17%

Oil

15%

Coal

9%

Nuclear

SolarPV

27%

Solid

bioenergy,

waste

13%

Wind

9%

5%

Liquidbiofuels2%

Otherrenewables3%

Annualgrowthrateofenergydemand

2013-202320242025

2.0%

1.5%

1.0%

0.5%

0%

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Note:“Otherrenewables”includehydropower,solarthermal,geothermalandbiogases.

Demandforeachofthethreefossilfuelsgrewin2025,albeitataslowerratethanin2024.Coaldemandincreasedby0.4%,downfrom1.4%in2024andtranslatingtoaround30milliontonnes(around0.7EJ)ofadditionalconsumption.Cooler

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weatherandstrongrenewablesgrowthwerethemajordriversoftheslowdown.Oildemandgrowthalsoeased,increasingbyaround0.65mb/d,drivenbypetrochemicalsandaviationasfueldemandforroadtransportgrowthremainedmutedaselectricvehiclesalesincreasedbyover20%tomorethan20millionunits.Naturalgasdemandincreasedbyaround40billioncubicmetres(bcm).At1%,theannualgrowthratemarkedanotableslowdownfromthe2.8%increasein2024,ashighpricescurbedhigherconsumption.

EnergydemandgrowthintheUnitedStatesaccelerated,whileChina’smomentumslowed

Chinaaccountedforthelargestshareofglobalenergydemandgrowthin2025,asin2024.However,thisfactmasksasharpslowdowninitsrateofgrowth,whichat1.7%wassubstantiallyslowerthanGDPandmuchlowerthantheannualincreaseseenayearearlier(2.7%).SharpgrowthinrenewablesinelectricitygenerationinChinahelpedtopushdowncoalconsumption,withtheknock-oneffectofimprovingprimaryenergyintensity.

TheUnitedStatessawanotableaccelerationinitsenergydemandgrowth,withdemandincreasingbymorethan2%in2025.Thisrepresentsthesecondfastestincreasesince2000,excludingyearsinwhichtheUSeconomywasreboundingfromarecession.TheUnitedStatesaccountedfornearlyone-quarterofglobalenergydemandgrowth.Partofthisaccelerationwasduetogas-to-coalswitchinginelectricitygeneration,butaharshwinterandverystrongheatingseasonin2025,robusteconomicgrowth,andstrongincreasesinelectricityconsumptionfordatacentresalsocontributed.

Changeinenergydemandinselectedregions,2025

EJ

+1.7%+2.1%+2.9%+2.5%+1.5%+1.1%-0.1%

3

2

1

0

-1

ChinaUnitedStatesAfricaSoutheastMiddleIndiaEuropean

AsiaEastUnion

Annualchange

RenewablesNuclear

NaturalgasCoal

Oil

Totaldemand

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Note:EJ=exajoule.

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GlobaltrendswerealsoimpactedbyaslowdowninenergydemandgrowthinIndia,whichataround1%wasamongthelowestratesrecordedinrecentyears.Astrong,earlymonsoonandlowercoolingneedspusheddowngrowthinelectricitydemand,whilearapidexpansionofrenewablesinelectricitygenerationsqueezedcoalconsumption.Meanwhile,intheEuropeanUnionacoldwinter,alongwithpoorhydroandwindavailability,pushedupdemandfornaturalgasforelectricitygeneration,evenashighgaspricesweighedonindustrialdemand.Inotherregions,energydemandgrowthwasgenerallylowerin2025thanin2024,exceptforinAfricaandtheMiddleEast.

2025dataconfirmthearrivaloftheAgeofElectricity

Globalelectricitydemandgrewbyaround3%in2025over2024levels,addingaround800terawatt-hours(TWh).Whilefasterthanthelong-termaverage,thisrateofincreaserepresentsaslowdownfromtheblockbusterriseseenin2024.Onefactorbehindtheslowdownwascoolerweatherinmajorregionswithstrongdemandforairconditioning,includingIndia.In2025,thenumberofglobalcoolingdegreedays,whilestillabovethelong-termaverage,was6%lowerthantherecordseenin2024.

Globalelectricitydemandin2025grewaround2.3timesfasterthantotalenergydemand.Thedriversofelectricitydemandgrowthwerebroad-based.Demandfromelectricvehicles(+38%)anddatacentres(+17%)rosesharply;however,theystillaccountedforrelativelyslimsharesoftotalelectricitydemandgrowth.Industry,householdappliancesandcommercialbuildings(excludingdatacentres)continuedtoprovidethebulkofdemandgrowth.

Inadvancedeconomies,electricitydemandexpandedbyarobust1.6%year-over-year,withparticularlystronggrowthintheUnitedStates.Datacentresaccountedforaround50%oftotalelectricitydemandgrowthintheUnitedStates,withadditionalgrowthcomingfromtheresidential,industryandtransportsectors.ThisalignswithprojectionsintheIEA’sreportEnergyandAIreport,whichfoundthatdatacentresaresettoaccountforhalfofelectricitydemandgrowthintheUnitedStatesto2030.

GrowthinelectricitydemandinChinaremainedstrongat5%,thoughitslowedcomparedwiththeveryrapid7%increasein2024,whichwaspushedupbyextraordinarycoolingdemandgrowth.ElectricitydemandgrowthalsoweakenedsignificantlyinIndia,asastrongmonsoonandcoolertemperaturesloweredelectricityconsumptionforagriculturalpumpingandcooling.

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Energyandelectricitydemandgrowth,electricitydemandgrowthbyselecteduses,andelectricitydemandgrowthbyregion,2025

2025demandgrowth

EnergyElectricity

demanddemand

3%

2%

1%

0%

Electricitydemandgrowthbyselecteduses,2025(TWh)

Datacentres

Electric

vehicles

90

60

38%

17%

30

0

Totalelectricitydemandgrowthin

2025byregion(TWh)

900

600

300

0

Advancedeconomies

Otheremerging

marketanddevelopingeconomies

China

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Note:TWh=terawatt-hour.

Solarsawextraordinarygrowthin2025

Twomaintrendsmarkedtheevolutionofglobalelectricitygenerationin2025.SolarPVpostedarecordincreaseof600TWh,takingitstotalelectricitygenerationtonearly2700TWh.Thiswasmorethandoubleitsoutputin2022andbringssolarPV’sshareintotalglobalelectricitygenerationtoover8%.TheabsoluteincreaseofsolarPVgenerationin2025isthelargesteverobservedforanysource,excludingyearsmarkedbyreboundsfromglobaleconomicshockssuchasCovid-19.AlthoughChinasawahugeincreaseinitssolarPVgeneration,thegrowthofthissourcewasaglobalstory,withtheUnitedStates,IndiaandtheMiddleEastallseeingincreasesof20%ormore.

TheflipsideofthestronggrowthofsolarPVwasadeclineinglobalelectricitygenerationfromcoalforthefirsttimesince2019(excludingtheCovid-19shockin2020).Chinaledthewayhere,withcoalgenerationfallingbyaround1.5%,whileIndiaalsosawadropof3%.IntheEuropeanUnion,coalpowerfellbelow10%oftotalgenerationforthefirsttime.

Naturalgasgenerationcontinuedtogrowatthegloballevel,butmoreslowlythanin2024.Meanwhile,nuclearpowergenerationexpandedbyaround1.2%,reachingitshighestlevelever.Windpowergenerationincreasedbyaround8%,heldbackbypoorwindconditionsinsomemajormarkets.Overall,growthinrenewablesandnuclearexceededtheentireglobalincreaseinelectricitygenerationin2025,whilegenerationfromfossilfuelsfellslightly.Evenso,fossilfuelscontinuedtocontributemorethanhalfofglobalelectricitygeneration,withcoalremainingthelargestsinglesource.

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Shareofaverageannualchangeinelectricitygenerationfromrenewablesandnuclear,andfromsolarPV,2000-2025

SolarPV

Renewables

andnuclear

20242025

100%

75%

50%

25%

0%

2000-

2003

2004-

2007

2016-

2019

2020-

2023

2008-

2011

2012-

2015

IEA.CCBY4.0.

•

Theglobalenergyintensityslowdownofthelastfewyearsreversedin2025

Arangeoffactorsexplaintheslowerworldwideenergydemandgrowthin2025.GlobalGDPexpandedby3.1%,comparedto3.3%in2024.Globaltemperaturessurgedin2024,pushingupelectricitydemandforcooling,andwhile2025wasstillahotyear,theeffectoftemperaturevariabilityindrivingupenergydemandwasmoremutedincomparison.Theshareofrenewablesinelectricitygenerationexpandedevenmorerapidlyin2025thaninthepreviousyear,andthisimprovedprimaryenergyintensity.Finally,theunderlyingrateofenergyintensityimprovementsalsoaccelerated.

Amajortrendshapingtheglobalenergysectorinrecentyearswastheapparentslowdowninglobalenergyintensityimprovementsinthepost-Covidperiod.However,in2025,globalenergyintensityimprovedbynearly2%,inlinewithitslong-termaveragefrom2010to2019.Thisrepresentedanotableaccelerationfromtherecenttrendofaround1.3%peryearbetween2019and2024.

However,theglobalnumbersmasktheimportantroleplayedbyChina.Thecountry’senergyintensityimprovementsslowedsharplyfromnearly4%peryearbetween2010and2019tojust0.6%peryearfrom2019to2024.In2025,China’senergyintensityimprovementjumpedbacktoabove3%.PuttingChinaaside,globalenergyintensityimprovementswouldhaveappearedmorestableinrecentyears.UnderstandingwhyChina’senergyintensityslowedsodramaticallyinrecentyearsrequiresfurtheranalysis.However,itappearstobeinpartbecauseofadverseweatherandpartlyduetostructuralchangesinChina’seconomyafterCovid-19towardsamoreexport-andindustry-intensivemodelofgrowth.

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30

15

0

-15

20242025

Temperature

GDP

OtherintensityimprovementsRenewablessubstitution

Netchange

IEACCBY40

Driversofdemandgrowth(EJ)

Averageannualenergyintensityimprovementbyregion,2010-2025,anddriversofglobalenergydemandgrowthin2024and2025

Energyintensityimprovements

2010-2019

2019-2024

2025

WorldChinaWorldexcl.

China

4%

3%

2%

1%

0%

...

•

Notes:EJ=exajoule;GDP=grossdomesticproduct.“Temperature”reflectstheimpactofweather-relatedvariationsinheatingandcoolingneedsonenergydemand.Itisestimatedusingchangesinheatingdegreedays(HDD)andcoolingdegreedays(CDD)relativetothepreviousyear.

Asextremeweathertestedenergysystems,naturalgassteppedup

2025wastheworld’sthirdwarmestyearonrecord,slightlycoolerthantheall-timehighsetin2024.However,theseglobaltrendsmaskdifferentdynamicsattheregionallevel.

Inadvancedeconomies,acolderwinterin2025droveupheatingdemandandledtohigherconsumptionofnaturalgas.Weestimatethattemperaturevariationscontributedmorethan16billioncubicmetres(bcm)ofthearound40bcmofglobalnaturalgasdemandgrowthin2025.Insomeregions,suchastheEuropeanUnion,poorwindconditionsduringcoldsnapsalsodroveupnaturalgasuseinpowergeneration.Thishighlightedtheimportanceofpowersystemflexibilityanddispatchablecapacityastheshareofvariablerenewablesincreases.Beyondtemperaturevariations,droughtconditionsinseveralregions,particularlyinEuropeandacrossCentralandSouthAmerica,reducedhydropoweroutput,furthercontributingtotheincreaseincarbondioxide(CO2)emissionsastheshortfallwaslargelymetbyfossilfuels.

Forcoal,theoppositetrendplayedout.Coolingdegreedays(ameasureofcoolingneeds)remainedwellabovethelong-term2000-2019average,sustainingelevatedelectricitydemandforcoolinginmanyregions.However,relativeto2024,globalcoolingdegreedaysfell6%in2025.ThistrendwasparticularlymarkedinIndia,whereanearlyandstrongmonsoonseasonraisedhydropoweroutputandloweredair-conditioninguse.Overall,weestimatethatwithouttheeffectsofcooler

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weather,globalgrowthincoaldemandwouldhavebeenslightlyhigher,risingby0.5%insteadof0.4%,althoughstillbelowthegrowthobservedin2024.

Contributionofweathereffectstochangeofenergydemandandemissions,2025

20

16

12

8

4

0

NaturalGas

(Bcm)

100

75

50

25

0

CO₂

(MtCO₂)

0

-4

-6

-2

-8

-10

Electricity

(TWh)

0

-2

-4

-6

-8

-10

Coal

(Mtce)

IEA.CCBY4.0.

Note:Bcm=billioncubicmetres;MtCO2=milliontonnesofcarbondioxide;TWh=terawatt-hour;Mtce=milliontonnesofcoalequivalent.

GrowthinglobalCO2emissionsslowedfurther,buttotalemissionsstillreachedarecordhigh

Globalenergy-relatedCO2emissionsrosebyaround0.4%in2025,continuingthelong-termtrendofslowinggrowth.However,emissionsstillhitanewrecordhighofmorethan38billiontonnes(Gt)in2025.TotalCO2emissionsfromfuelcombustionandindustrialprocessesincreasedbyaround145milliontonnes.Weestimatethatthenetimpactofweather-relatedfactors–includingtemperaturevariationsandshortfallsinhydropowerandwind–pushedupCO2emissionsfromthecombustionoffossilfuelsbyaround90milliontonnesin2025,drivenbyhighernaturalgasconsumption.

2025sawareversalinthelong-termtrendofdecliningemissionsinadvancedeconomiesandrapidgrowthinemissionsinemergingmarketanddevelopingeconomies.Inadvancedeconomies,emissionsroseby0.5%,thefirstannualincreasesince2018(excludingthepost-Covidrebound).IntheUnitedStates,highgaspricesledtogastocoalswitchinginelectricitygeneration,whileacoldwinterdroveupdemandfornaturalgas.IntheEU,emissionsfellbutbylessthaninrecentyears,duetohigherheatingneedsandloweroutputfromwindandhydro.

EmissionsinChinafellbyaround0.5%duetodecliningemissionsfrombothindustrialprocessandelectricitygeneration.Rapidgrowthinrenewablesandnuclearpusheddowncoaluseinelectricitygeneration;stronggrowthofelectricvehicleskeptalidonoildemand,whilealimitedincreaseincoolingdegreedays

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curbedelectricitydemandgrowth.Forthefirsttimeonrecord,emissionsinIndiafellduringnormaleconomicconditions,previouslyhavingdecreasedonlyin2020andduringtheoilshocksofthe1970s.Thisdeclinewaslargelyduetocyclicalfactorsresultingfromthestrongmonsoon,althoughrenewablesalsosurged.

Weatherconditionshadanotableimpactonemissionsindifferentregionsin2025.Inadvancedeconomies,weatherpushedupemissionsduetohigherheatingdemandandlowerwindandhydrooutput.Withouttheseeffects,emissionsinadvancedeconomieswouldhavecontinuedtheirlong-termtrendofdecline.InChina,thefallinemissionswouldbemarginallylargerifadjustedforweathereffects.Incontrast,weatherplayedasubstantialroleinlimitingrisingemissionsinotheremergingmarketanddevelopingeconomies,notablyduetolowercoolingdemandinIndiaandSoutheastAsia.

AverageannualgrowthrateofglobalenergyrelatedCO2emissions,2009-2025,changeofCO2emissionsbyregion,2025

Annualgrowthrateofemissions

3%

2009-2014

2014-2019

2019-2024

2025

0%1%2%

Changeofemissionsbyregion,2025(MtCO₂)

AdvancedeconomiesChina

OtherEMDE

ActualWeather-adjusted

300

150

0

-150

IEA.CCBY4.0.

Notes:EMDE=emergingmarketanddevelopingeconomies;MtCO2=milliontonnesofcarbondioxide.“Weather-

adjusted”referstoimpactsoftemperaturevariationsbasedonheatingandcoolingdegreedays.Unlessotherwise

•

specified,itdoesnotaccountfortheimpactofweatheronrenewableenergyoutput,suchasvariationsinhydropowerorwindgeneration.

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Oil

Oildemandgrowthremainedsubduedin2025

Oildemandincreasedin2025by0.65mb/d(millionbarrelsperday)or1.2EJ,butthis0.7%risemarkedafurtherslowdownfrom2024’salready-muted0.75mb/dofgrowth.TheincreaseinbothyearswasinlinewithIEAprojections.The2025increasefellwellshortofthe2010-19averageannualriseof1.4mb/d,offeringfurtherevidenceofastructuraldecelerationinoilmarkets.

Thisslowdownmainlyreflectedweakergrowthinpetrochemicalfeedstockuse.Demandfornaphtha,liquefiedpetroleumgas(LPG)andethane–themajorrawmaterialsforplasticsconsumption–laggedmostclearlyinthesecondquarterof2025astradeturmoilweighedoninternationaltradeanddisruptedkeyUSexportstoChinesechemicalplants.Thefull-yearincreaseof1.2%waswellbelowthe2.6%recordedin2024,whenfeedstocksaccountedforthelargestshareofthe