The New International Energy Agency 2024 World Energy Outlook

This year’s World Economic Outlook (WEO) shows the global shift to clean energy is no longer just about climate goals. Many countries have faced high fossil fuel and electricity prices and extreme weather, impacting people’s lives. In places like Canada, these issues are making the cost of living a major part of the energy conversation. The International Energy Agency  (IEA) highlights that there’s now huge economic potential in the energy transition. Countries are racing to lead in clean energy, driving innovation, economic growth, and job creation. It’s like a new industrial revolution—those who adopt clean technologies early will gain the most.

Home heating and cooling are big factors in this change. By 2035, it’s expected to make up 45% of electricity demand growth. As the climate warms, demand for cooling will rise and surpass heating in many regions, including Canada. In all IEA scenarios, this demand shift means more electricity use, with electric heat pumps replacing natural gas furnaces. The market share of heat pumps could double or even triple by 2035.

New technologies and lower costs are driving these changes. Heat pumps are already cost-effective, even in places with cheap natural gas like the US. They also create jobs, as skilled workers are needed for installation. Energy-efficient windows will also help reduce heating and cooling demands, which cuts down on energy consumption and greenhouse gas emissions. These windows are designed with advanced materials and technologies that provide superior insulation, keeping homes comfortable while using less energy. However, to fully benefit from these innovations, professional installation is essential. Skilled installers ensure that windows are fitted correctly, sealing any gaps that could compromise their efficiency.

More electricity demand means we need more clean electricity and better efficiency. Governments should tighten appliance efficiency standards so everything at home—stoves, dishwashers, light-bulbs—runs efficiently. Canada should improve equipment standards and building codes to make homes more energy-efficient and lower utility bills. Creating a market for home retrofits could also generate jobs, with up to 700,000 jobs by 2050 from the energy transition.

British Columbia launched a new clean energy strategy in June 2024 to cut emissions by 40% by 2030. The province’s hydro power has provided a reliable grid, but it may need to double capacity by 2050. The first competitive call for power in 15 years received three times more applications than expected, enough to power nearly 800,000 homes. BC is also updating its grid and has introduced Canada’s first carbon pollution standard for buildings through the Zero Carbon Step Code(ZCSC).

 

 

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Westeck is a premier manufacturer of windows and doors. All major North American and European windows and doors are locally manufactured and proudly displayed in seven well-appointed showrooms including Kelowna, Victoria, Vancouver, Chilliwack, Nanaimo, Kirkland and Bellingham in Washington State.  As each window and door is built to order, our customer have the freedom to design and create a product that is unique and personal. Enjoy our latest line of energy efficient windows and doors designed to enhance modern and contemporary architecture.