To take one example, just three countries produce 91% of the world's lithium. The IEA found that the critical mineral supply chain that's crucial for the energy transition is also dangerously concentrated. Gas is hardly the only supply chain concern. The EU, meanwhile, has taken drastic measures to reduce gas demand as winter sets in, raising the risk of power shortages and high home-heating bills. Russia has dramatically cut methane gas deliveries to the EU in retaliation for its support of Ukraine. If the war has made one thing clear, it's that relying on a single country for anything is a danger. Ensuring that we don't fry the planet will mean that the world not only needs to retire existing fossil fuel infrastructure and replace it with renewables - it'll need to go above and beyond. In (somewhat) more relatable terms, that's equivalent to the current demand of the U.S. All of which is to say that, according to IEA estimates, the world will add up to 7,000 terawatt-hours of electricity demand by the end of the decade. And green hydrogen is expected to emerge from a fledgling industry today into one that could consume as much electricity as all aluminum production used in 2010.īeyond electrifying new technology, some places will become wealthy enough to access traditional tech like air conditioning. Heat pumps will play a more significant role in heating and cooling as they replace gas furnaces, spiking energy demand even higher. The IEA found that up to 214 million new electric vehicles could hit the road by 2030. A lot of it.Įlectrifying everything will completely reshape demands on the power grid.

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