Stepping into the horizon of 2024, a green transformation awaits. Sustainability practices have already become the global norm, with every organisation across the globe trying to optimise their operations into making them more sustainable. Yet, the journey towards a greener world is far from complete.
Here are our top 5 sustainability predictions that bear great potential to propel the legacy of sustainability throughout 2024.
Renewable, all the way!
The forefront of global energy is undergoing a seismic shift as nations confront the climate crisis head-on. According to the International Energy Agency (IEA), the world is on the brink of a renewable energy boom, with projections indicating that global renewable energy capacity will surpass 4,500 gigawatts in 2024, matching that of fossil fuels. Wind and solar power are poised to double their capacity globally, outshining the traditional gas and coal. Notably, the US is spearheading this transition, with a projected 26% share of renewable energy in total electricity generation by 2024. Europe, driven by geopolitical events, is accelerating its renewable energy deployment, which has already led to a 40% increase in renewable capacity additions.
Even with the expected challenges taken into consideration, the IEA predicts a cost reduction in electricity generation from the new wind and solar plants by 2024, solidifying the existence of renewable energy practices across the globe.
Green employability grows by 50%
The surge in sustainability awareness is catalysing a profound transformation in the job market. In 2024, a 50% increase in sustainability jobs is anticipated, reflecting the growing demand for skilled professionals in the field. Traditional roles are being redefined with hues of green, and emerging industries like carbon management, sustainable procurement, and hydrogen power are generating novel professions. From sustainability managers to carbon accountants, the workforce is evolving to meet the challenges of achieving net-zero emissions. The stage is set for 2024 with ‘sustainability’ being the next buzzword on job searching websites.
Transparency tipping point
2024 will witness a significant acceleration in companies’ preparations for the Corporate Sustainability Reporting Directive (CSRD). The urgency to address environmental challenges and to demonstrate commitment towards sustainability will drive businesses to prioritise robust carbon management practices. Stakeholder pressure, regulatory mandates, and financial incentives will converge, compelling companies to invest in advanced carbon management software. By embracing these technologies, businesses will be able to meet compliance requirements, gain a competitive advantage, and pledge their allegiance to greener practices.
2024 will mark a turning point for businesses as it will add yet another strategic imperative to their existing list, to hail themselves as responsible corporate citizens of the world.
Building more of tomorrow’s sustainable homes
A remarkable rise in self-sufficient housing is anticipated in 2024, driven not only by large corporations but also by consumer demand. Homeowners will invest in renewable energy technologies, such as solar panels, gas, and heat pumps, to achieve electricity and heating self-sufficiency. Bioclimatic architecture will gain momentum, integrating natural elements to optimise energy efficiency and minimise environmental impact. The transformative shift towards environmentally conscious and resilient built environments in 2024 will set the stage for a future where self-sufficiency and sustainable living become the natural norm.
As consumers increasingly become more aware of the carbon footprint they leave behind, it will be time that they realise the ease of energy independence, and opt for homes that are sustainable today, and tomorrow.
Sustainability on wheels
Governments worldwide are expected to accelerate efforts to subsidise and incentivise public transport in 2024 as part of broader sustainability and climate change mitigation strategies. Increased subsidies, innovative incentive programs, and investments in suitable infrastructure will make public transport more accessible, affordable, and most importantly more attractive for all.
This move will have some obvious benefits like the reduction of carbon emissions, alleviation of traffic congestion, and collectively more breathing space to create liveable cities. According to a report by Bloomberg, London is one of the busiest cities in the world traffic report, with drivers spending up to 156 hours (about 6 and a half days) stuck in traffic in 2022, which has gone up 5% since COVID.
In 2024, the government’s efforts to make public transportation more accessible will become a cornerstone of urban planning, contributing to a greener and more sustainable world.
As we begin 2024, these 5 sustainability predictions represent a collective call to action. From organisations in the energy sector to the ones in housing, the emphasis on transparency and accountability sits high. If you’d like to find out more about how you could project your company’s sustainability practices for a competitive advantage, get in touch with a CSR/marketing professional from our team today.