Developments for a Greener Tomorrow: Seven Energy Trends for 2024
Discover cutting edge tech trends that are set to shake up the energy landscape in 2024. From decentralized energy systems like the GH reactor to advanced solar tech, join us as we unravel the key trends for green energy in 2024.
In the dynamic energy space, innovation, investments, and a burgeoning consumer demand continually reshape the landscape. As we look forward to the new year, this industry stands as a force in the battle against climate change. Learn more about eight trends and opportunities that will shape the energy space in 2024.
#1. Growing Consumer Demand for Sustainable Energy Sources
As global concern over climate change increases, so does consumer demand for green energy. Consumers have access to extensive knowledge via social media, news outlets, and personal research-- which is resulting in heightened environmental consciousness. A larger customer base is seeking green energy sources that serve as an alternative to traditional fossil fuels and the impact is quantifiable. The Energy Information Administration expects that "solar and wind generation together in 2024 to overtake electric power generation from coal for the first year ever". This uptick is demand has government bodies and investors positioning themselves to channel support towards viable green energy solutions to meet growing expectations. With consumers becoming smarter, the demand for green energy is reaching unprecedented heights.
#2. AI Technology
The term artificial intelligence, or AI, was coined back in the 1950s . However, it is just starting to take off in the energy industry. The true potential of AI in energy is its ability to boost efficiency, shorten the decision making process, and streamline production. Generative AI has the power to identify the "best locations for renewable energy installations, considering wind patterns, solar exposure, and environmental impact" (Motyka et al.), validating and accelerating renewable energy projects. More advanced machine learning can forecast demand, leading to better resource management and less waste. Expect AI to become part of the conversation about the energy industry for 2024, and its potential to drive more intelligent decisions towards a greener future
#3. Decentralized Energy Production
Decentralized renewable energy systems, such as the GenHydro Reactor, are expected to revolutionize the landscape of global energy. A decentralized energy production takes place on site, and serves as a "mini power plant". They are ultra efficient, have little to no waste, and allow "for more optimal use of renewable energy as well as combined heat and power, reduces fossil fuel use" (ESCAP). The technological breakthroughs and increased adoption are creating a shift away from tradtional power grids due to lower costs and increased sustainability. Moreover, the decentralized model allows individuals and business freedom from big infrastructure, and control over energy consumption and production. To see a decentralized energy system in action, check out our article about GH breaking ground in our first pilot project!
#4. Continued Investment in Solar
Solar energy continues to be the green energy powerhouse for 2024 with healthy investments and impressive technological advancements. The demand for solar is huge, with solar capacity growing 36% from year prior over the first 8 months of 2022 (Motyka et al.). Innovations in solar energy storage, photovoltaic technology and grid integration is revolutionizing solar. Energy storage is overcoming solar powers reliability issue with solar batteries providing green energy even when rainy or cloudy. Perovskite solar cells, can produce low cost solar power at a highly efficient rate. Grid integration has the power to connect solar technology to the main electricity grid, catapulting it to new heights. Investors, individuals and government entities all recognize the value in solar power, and we can expect to see continued widespread adoption into 2024
#5. Increasing Climate Finance in Developing Countries
In 2024, anticipate a push toward increasing investment towards the battle against climate change in developing countries. At COP 28 (read more about COP28 here), president delegate Dr. Sultan bin Ahmed Al Jaber stressed that if we are to limit global warming to 1.5 degrees celsius that all countries needed to work to transition to more sustainable energy systems. The Green Climate Fund which is dedicated to climate action received new funding, with "total pledges now standing at a record USD 12.8 billion from 31 countries, with further contributions expected" (UN). This aims to enable developing countries to participate in global climate goals, as well as serve as an opportunity for growth and to make a difference for green energy companies and investors.
#6. Green Energy Support & Funding From the US Government
The US government is showing unprecedented support for green energy production in both funding and policy. Policymakers are actively on the senate floor, promoting sustainable energy initiatives through tax incentives, grants and subsidiaries. Collaborations between federal agencies and independent businesses are becoming more common, which leads to exciting innovation and increasing the speed of adoption. Motyka et al. state "over the past two years, they [the IIJA and the IRA] helped catalyze US $227 billion of announced public and private investments in utility-scale solar, storage, wind, and hydrogen." Between the government support and the demand for more sustainable energy, the green energy space is an exciting one to be a part of in 2024.
#7. Green Hydrogen Poised to Take Main Stage
This new year brings a new key player in the world wide transition to green energy, and a more sustainable future. Green hydrogen has huge potential to decarbonize hard to abate industries, and has recently been green lighted for seven green hydrogen hubs across the country for 2024. All across the country, both the public and private sector have been investing heavily in green hydrogen projects and scaling up infrastructure. Not only can green hydrogen be produced at a low cost, but technologies like the GenHydro Pilot Reactor System can actually take waste product and turn it into a green hydrogen. The GH reactor creates a solid fuel, overcoming the transportation bottleneck (learn more about why hydrogen is so hard to transport here) and generates electricity. With other novel green hydrogen projects taking place across the country, the energy source is preparing to take center stage and transition us into a more sustainable 2024.
Conclusion
2024 will be marked by transformative trends in the energy landscape. Growing consumer demand, heighted environmental awareness, and an increase in government funding are leading to solar and wind to surpass coal for the first time ever. Solar energy continues to dominate, with green energy positioned to take center stage soon and decentralized energy systems like the GH reactor are becoming more and more prominent. AI is optimizing decision making and streamlining processes while global commitment to the fight against climate change reaches new heights, as evident by the increase in climate finance for developing countries. Together, these dynamic trends define the energy space for 2024 as we all work towards a greener future.
Sources
https://www.unescap.org/sites/default/files/14.%20FS-Decentralized-energy-system.pdf
https://unfccc.int/news/cop28-agreement-signals-beginning-of-the-end-of-the-fossil-fuel-era
https://www.eia.gov/outlooks/steo/