Low Emission Technology Trends for the Industry in 2024
In the global drive towards sustainability, industries are at the forefront of adopting innovative technologies to reduce their environmental impact. As we look ahead to 2024, a pivotal year for environmental consciousness, the momentum towards low-emission technologies is set to accelerate. This trend is fueled by a combination of stringent regulatory measures, a growing consumer demand for sustainable practices, and remarkable advancements in technology.
In 2024, this trend is expected to continue with even greater momentum, driven by increasing regulatory pressures, growing consumer demand for sustainable products, and advancements in technological innovation.
- Carbon Capture, Utilization, and Storage (CCUS)
Carbon Capture, Utilization, and Storage (CCUS) is a groundbreaking technology designed to capture carbon dioxide (CO2) emissions, preventing their release into the atmosphere.
According to the International Energy Agency (IEA), CCUS is expected to play a pivotal role in achieving global climate goals. The IEA’s data projects a 7% annual increase in CCUS capacity by 2025, with substantial investments pouring into projects worldwide.
Industries are anticipated to ramp up their adoption of CCUS technologies in 2024. The captured CO2 can be repurposed for enhanced oil recovery, synthetic fuel production, or safely stored underground.
- Renewable Energy Integration
Renewable energy integration involves the incorporation of sustainable sources like solar, wind, and geothermal power to reduce reliance on fossil fuels.
The Global Wind Energy Council (GWEC) reports that wind power capacity is expected to grow by over 60% globally by 2024. Additionally, the International Renewable Energy Agency (IRENA) forecasts a 50% increase in global solar capacity by the same year.
The industry is set to witness significant advancements in the efficiency and cost-effectiveness of renewable energy technologies. With increased accessibility, more industries are expected to adopt renewable sources in their operations.
- Electrification of Industrial Processes
The electrification of industrial processes involves replacing traditional fossil fuel-powered equipment with electric alternatives, reducing direct emissions.
According to the World Economic Forum (WEF), electrification is a key strategy to achieve net-zero emissions. The WEF notes that electrifying industrial processes could reduce global CO2 emissions by 15%.
Anticipate a surge in the development and adoption of electric furnaces, boilers, and machinery in 2024. Industries will likely prioritize the electrification of their processes to align with sustainability goals.
- Hydrogen as a Clean Energy Carrier
Hydrogen is emerging as a clean energy carrier with applications in power generation, transportation, and industrial processes.
The Hydrogen Council, a global CEO-led initiative, envisions hydrogen meeting 18% of the world’s energy demand by 2050. Investments in hydrogen-related projects are projected to exceed $300 billion by 2030, according to BloombergNEF.
Expect notable advancements in hydrogen production, storage, and transportation technologies. Industries are likely to explore and implement hydrogen solutions as a sustainable alternative in various applications.
- Circular Economy Principles
The circular economy promotes resource efficiency and waste reduction by designing products and processes that minimize environmental impact.
The Ellen MacArthur Foundation, a global thought leader in circular economy initiatives, emphasizes that transitioning to a circular economy could generate $4.5 trillion in economic benefits by 2030.
Industries will increasingly embrace circular economy principles, leading to the development of innovative products, processes, and business models. This approach aims to create a regenerative system that eliminates waste and extends the life of materials.
In 2024, the industrial landscape is poised for a transformative shift towards sustainability. Reliable data from reputable sources such as the IEA, GWEC, IRENA, WEF, Hydrogen Council, BloombergNEF, and the Ellen MacArthur Foundation supports the projections for increased adoption of low-emission technologies. As industries embrace these sustainable innovations, they not only align with global environmental goals but also position themselves as leaders in responsible and forward-thinking business practices. The journey towards a low-emission future in 2024 is marked by innovation, collaboration, and a commitment to building a resilient and sustainable global economy.