ENERGY A 2024 TIMELINE
OCT
NOV
DEC Emissions hit record highs in 2024 Recent analyses indicate that global carbon dioxide (CO₂) emissions have reached record highs in 2024, with no significant decline observed. The Global Carbon Budget report, published during the UN COP29 climate summit in Azerbaijan, said global CO2 emissions are set to total 41.6 billion metric tons in 2024, up from 40.6 billion tons last year. The rise is attributed to factors such as increased coal combustion in India and a rebound in airline flights. Consequently, the goal of limiting global warming to 1.5°C remains at risk, as emissions continue to climb. Water gains attention at COP29 At COP29, the Declaration on Water for Climate Action, supported by UNECE, UNEP, and WMO, was endorsed by over 50 countries. It emphasises integrating water management into climate policies and launched the Baku Dialogue to foster international cooperation on water-related climate actions. The initiative highlights the critical need to address water and climate challenges together, promoting sustainable practices and collaborative efforts to enhance resilience against climate impacts globally. Corporate world needs to catch up on net zero goals Accenture’s “Destination Net Zero” report reveals that only 16% of the world’s 2,000 largest companies are on track to achieve net-zero emissions by 2050, with 45% experiencing increased carbon emissions. The report emphasises the need for responsible AI deployment to aid decarbonisation efforts. &OLPDWHƓQDQFHJURZVEXWQRWWR LDCs or SIDS Latest data from the UNFCCC shows that global climate finance flows in 2021 and 2022 rose 63 percent compared to 2019 and 2020 to reach an annual average of $1.3 trillion, but only 2.6% of that flow went to LDCs, and just one percent to Small Island Developing States.
IEA Reports $2trillion investment in clean energies In October 2024, the International Energy Agency (IEA) reported that global energy investment is set to exceed $3 trillion for the first time, with $2 trillion allocated to clean energy technologies such as renewables, electric vehicles, and nuclear power. This surge reflects a significant shift towards sustainable energy solutions, driven by policy support and declining technology costs, marking a pivotal moment in the global energy transition. Nuclear Power Gains Momentum in Energy Transition Several countries announced new nuclear power initiatives in October 2024. France and South Korea committed to expanding their nuclear energy capacity to support baseload demand as renewables grow. This marks a resurgence in nuclear as a critical low-carbon energy source. Australia moves towards green hydrogen In October 2024, the South Australian Government initiated efforts to develop a comprehensive evidence base for its renewable hydrogen strategy, focusing on Whyalla as a hydrogen and net-zero manufacturing hub. This move comes more than three years after announcing the Whyalla-focused Hydrogen Jobs Plan with an estimated cost of $590 million. The Government plans to proceed with this market approach by mid-February 2025, as outlined in the Department for Energy and Mining’s Procurement Activity Report “South Australia’s Hydrogen Strategy 2025-2030”. Scotland begins providing 450MW of clean wind energy In October 2024, Scotland’s Neart na Gaoithe (NnG) offshore wind farm, situated 15.5km off the Fife coast, began generating electricity for the UK national grid. Once fully operational, NnG’s 54 turbines will produce up to 450MW of clean energy, sufficient to power approximately 375,000 homes and offset over 400,000 tonnes of CO₂ emissions annually. This milestone significantly advances Scotland’s renewable energy objectives.
Electric vehicle sales grow by 26% In November 2024, global electric vehicle (EV) sales continued their robust growth, with projections indicating approximately 16.7 million units sold by year’s end—a 26% increase from 2023’s 14 million units. China remains the dominant market, accounting for nearly 60% of global EV sales, translating to about 10 million units. This sustained expansion underscores the accelerating shift towards sustainable transportation worldwide. Global wind power generation set to achieve record share of electricity output In November 2024, the International Energy Agency (IEA) reported that global wind power generation is set to achieve a record share of electricity output, potentially surpassing 10% in the final months of the year. This increase is attributed to enhanced wind conditions and substantial capacity additions, particularly in China, the United States, and Germany, which collectively account for 64% of global wind generation capacity. Australia faces power outages In November 2024, Australia’s energy grid faced significant strain due to the rapid transition from coal to renewable energy sources. Maintenance shutdowns of coal-fired generators in New South Wales during extreme heat nearly led to widespread blackouts, averted only by urgent power-saving measures from residents and businesses. Energy experts criticised the swift move away from coal, citing under-investment in coal plant maintenance and insufficient readiness of renewable sources to meet demand. COP 29 concludes with new FOLPDWHƓQDQFHJRDO In November 2024, the COP29 climate summit in Baku concluded with a $300 billion annual climate finance agreement to assist developing nations in combating climate change. However, many recipient countries criticised the amount as insufficient, highlighting ongoing challenges in global climate finance efforts.
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THE FUTURE OF ENERGY
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