Where next for Renewable Energy? Predictions for 2024

With the sun finally set on 2023, the winds of change are already whispering promises for 2024 in the renewable energy sphere. As it stands, 2024 is shaping up to be a rollercoaster ride for green energy, fuelled by a potent cocktail of policy boosts, technological leaps, and shifting societal priorities.

After some light reading, here is a snapshot of what I am expecting:

1. Investment bonanza: Will we see an infrastructure spending spree? Recent US policies like the Inflation Reduction Act and Infrastructure Investment and Jobs Act promised to unleash a golden torrent of funding, estimated to triple renewable energy deployment by 2030, but in reality, are they delivering what they set out to achieve? If things go well, we can expect a flurry of activity with wind and solar projects, and battery storage facilities over the coming year.
2. Onshore vs offshore: Global energy demand is soaring, and traditional sources are struggling to keep up. Offshore wind, with its vast potential and consistent power generation, is emerging as a vital cog in the energy security machine. Despite a current series of challenges for both US and European offshore wind, a collaborative approach to overcoming the challenges, and alleviating the core bottlenecks will see the offshore wind sector propel forward.
3. Grids unlocked: The grid, long an Achilles' heel, could be getting a makeover. With so much pressure to deliver on the ambitions of wind, solar, and storage, the lack of a grid to integrate their energy, and then transport it from A to B has been a serious bottleneck. Recent years have seen advancements, but not at the required pace. If 2024 is to be a standout year for renewables, resources have to be poured into grid modernization and transmission expansion, to pave the way for a smoother integration of variable renewable energy sources.
4. Storage surge: The sun doesn't always shine, and the wind doesn't always blow. Advancements in energy storage technologies like solid-state batteries and gravity-based systems are promising longer lifespans and higher energy densities. No more fearing the energy dark ages – expect batteries to act as trusty time machines, storing sunshine and breezes for when we need them most.
5. Hydrogen's time is now: Hydrogen, somewhat of a buzzword over the last few years, is starting to gather pace, finally shedding its wallflower status. All pointers indicate that we will see a surge in investments in green hydrogen production, powered by renewable electricity. This versatile fuel could revolutionize transportation, heating, and even industrial processes where other sources of power, or energy could not. I would like to point out that hydrogen is not deemed as a "renewable energy" source, but when linked to green hydrogen, then it certainly helps.
6. Technology innovation in energy efficiency: Innovation never sleeps, and in the world of renewables, it's sprinting. We have witnessed the rise of floating offshore wind, and floating solar panels, micro-grids empowering remote areas, and artificial intelligence optimizing energy production and distribution. R&D never sleeps - so where next for the technological revolution in renewables? With so much emphasis on energy efficiency, I foresee huge strides being made to make renewables even more efficient, affordable, and accessible. By reducing energy waste in buildings, transportation, and industrial processes, we can maximize the impact of every watt generated by renewables. Efficiency becomes the hidden fuel, quietly boosting the growth of the green energy sector.
7. Societal shift: Renewables aren't just about technology anymore; they're a cultural wave. As climate change concerns rise and energy security fears gnaw, expect a growing societal shift towards sustainability. From businesses embracing ESG (environmental, social, and governance) principles to individuals installing solar panels and driving electric vehicles, the green tide is rising, and it's carrying us all towards a cleaner, brighter future.
8. Rural renaissance: Renewables are no longer just a city slicker's game. With rising energy costs and policy incentives aimed at local energy sovereignty, expect rural communities to embrace the renewables revolution. Rooftop solar on barns, community wind farms, and biofuel crops could become commonplace, empowering rural areas and bringing green jobs to their doorsteps.

Of course, the road ahead won't be paved with rose petals. Challenges like supply chain disruptions, grid integration woes, investment hold-ups, and regulatory hurdles remain. But in the face of these obstacles, the sheer momentum of technological advancements, policy support, and public demand for a sustainable future is undeniable.

So let's hold on tight, and prepare to be amazed by the renewables revolution in 2024 and beyond.