15 FIGURE 8:Projected growth in global energy and electricity demandxxiii Yet alongside these shifts in demand, a much larger wave of energy demand is emerging across developing economies. Non-OECD economies, excluding China, are expected to account for around 90% of global energy demand growth through 2060, adding demand equivalent of an entire China today, as shown in Figure 8. Analysis by S&P Global Energy © 2026 S&P Global Majlis participants across the public and private sector stressed that the energy system must therefore contend with two pressures simultaneously: managing greater exposure to disruption while meeting substantial new demand from economic growth, electrification and AI.