ALL CHARGED UP: TOP ENERGY AND POWER TRENDS OF 2024

Energy and power could see substantial shifts in 2024 as nations race to address climate change and meet emission reduction targets. Renewable energy will be a top focus – most forecasts expect double-digit growth as solar, wind, hydropower and other renewables become cheaper and more efficient. Major emerging areas driving adoption will be electric vehicles, battery storage, microgrids, and hydrogen.

Electric vehicles (EVs) are projected to reach over 25% of new car sales globally by 2024. This will strain power grids, requiring major infrastructure investments. EV charging companies will expand charging stations tenfold while utilities pilot smart charging programs to manage demand. EVS also spur demand for lithium ion batteries. Recycling systems will be overwhelmed, prompting new regulations and recycling infrastructure to recover precious battery materials.

Advances in battery storage will also enable larger-scale microgrids. These small, self-contained grids can disconnect from the main grid to keep the lights on using local renewables and batteries. Their resilience to extreme weather will drive deployment among hospitals, military bases, corporate campuses and more. In 2024, governments will fund microgrid projects to bolster grid resilience.

Hydrogen will also gain steam through 2024. As a clean fuel for transportation, ammonia production, and electricity generation, governments and corporates will invest billions to scale up production and distribution infrastructure. Most hydrogen will still be grey (made from natural gas) but green hydrogen from electrolysis will gain a foothold by 2024.

Yet fossil fuels will still dominate in 2024 to boot. Natural gas and coal will remain essential for grid reliability as renewable penetration rises. Nuclear power will gain support as a zero-emission baseload power source. Small modular nuclear reactors may get approval by 2024. Carbon capture systems will also come online to decarbonize industry and energy.

Everything said, the energy transition will accelerate in 2024 but require balancing reliability, affordability and sustainability. To support renewables growth, governments must modernize straining grids and launch training programs for workers. The private sector must also drive innovation in batteries, smart grids, hydrogen and more. With strong policy and technology advances, 2024 can set the stage for a true clean energy economy this decade. But resilient legacy systems will still provide the foundation to power our world.