This year, 2024, is pivotal for the global energy sector. With major changes on the horizon, from technological innovations to regulatory shifts and environmental imperatives, we can expect a number of trends to emerge over the next year that will reshape the landscape of the industry.
In this blog post, we are taking a look at five of these trends. So, read on to learn more.
Progress in the Move to Green Energy
In recent years, there has been a significant global push towards renewable energy sources. This shift is propelled by the urgent need to address climate change, reduce carbon emissions, and lessen dependence on fossil fuels.
This has resulted in a rise in other renewable sources of energy, including solar and wind energy. The International Renewable Energy Agency (IRENA) reports a steady increase in the installation of solar and wind energy systems worldwide, signalling a positive trend towards achieving global renewable energy targets.
Governmental policies and corporate investments have also been instrumental in accelerating the adoption of green energy. Countries around the globe have implemented incentives, subsidies, and regulations designed to promote renewable energy development and penalise carbon-intensive activities. Furthermore, corporations are increasingly investing in green energy solutions, driven by both regulatory requirements and a growing recognition of the long-term benefits of sustainability.
The Ongoing Effect of COP28 on Energy Strategies
The COP28 climate change conference that took place at the end of 2023 is having an impact on energy policy worldwide. The commitments made during the conference have necessitated a re-evaluation of energy strategies, with a strong emphasis on reducing carbon emissions and enhancing renewable energy development. These policies are not only shaping the energy sector’s current landscape but also setting the stage for future energy trends.
Advancements in the Hydrogen Economy in the UK
In the UK, we can expect to see a boost in the hydrogen economy. With a government pledge of more than £2 billion to back successful initiatives in the inaugural hydrogen allocation round, there is a national ambition to achieve up to 10 GW of low-carbon hydrogen production capacity by the year 2030.
Hydrogen offers a versatile energy solution capable of powering industries, heating homes, and fuelling vehicles with minimal environmental impact. Despite its potential, though, the hydrogen economy faces challenges, including high production costs, storage and transportation issues, and the need for substantial infrastructure investments.
State of Nuclear Power in the UK
With nuclear capacity producing approximately 15% of the UK’s electricity, it remains a critical component of the UK’s energy strategy, offering a reliable and low-carbon source of electricity. Advances in nuclear technology and safety measures have bolstered its role in achieving energy independence and supporting climate targets. The latest government strategies aim to add up to 24 GW of new nuclear capacity by the year 2050, targeting to supply around 25% of electricity needs.
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Metal Supply Chain Concerns and How We Can Help
The transition to green energy and the development of new energy technologies have spotlighted the importance of the metal supply chain. Metals such as lithium, cobalt, and copper are essential for renewable energy systems, leading to concerns about supply chain sustainability and security.
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