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S P Global Commodity Insights Highlights Top 10 Clean Energy Trends For 2024

Globally, renewable deployment faces major bottlenecks due to grid-connection delays and grid congestion, delaying the build-out of energy storage that could help address the problem

A recent report from S&P Global Commodity Insights underscores the urgent global need for more flexible power systems, predicting a surge of one terawatt (TW) in additional wind and solar installations over the next two years. This significant push is expected to drive global installations to 3.5 TW. The report emphasises that any power system reliant on intermittent renewable generation demands increased flexibility, particularly in assets like storage and demand response.

Amidst various clean energy trends in 2024, the report highlights the most notable advancements in offshore wind, with an unprecedented 60 gigawatts (GW) of new offshore capacity set to be auctioned in at least 17 markets. The report delves into the top 10 clean energy technology trends projected for 2024:

1. Clean Energy Technology Investment: Anticipated to reach nearly USD 800 billion in 2024, representing a 20 per cent increase from 2023 levels. Solar is expected to lead, accounting for 55 percent of this investment.

2. Average Capex Decline: Clean energy technology’s average capital expenditure (capex) is forecasted to decrease by 15-20 per cent by 2030.

3. Decarbonization Focus: Manufacturers in the renewable energy sector are prioritizing decarbonization in both products and strategies by 2030, aiming for increased transparency and traceability in supply chains.

4. Solar and Storage Price War: Oversupply is driving solar and storage manufacturers into a price war, compressing margins and posing challenges for localizing efforts.

5. Record-High Offshore Wind Capacity Auctions: 2024 expects record-high offshore wind capacity auctions, with 60 GW set to be auctioned in at least 17 markets.

6. Eastern Competition for Western Wind Turbine Giants: Western wind turbine manufacturers face growing competition from Chinese counterparts, posing challenges in pricing and technology competition.

7. Global Interest in Low-Carbon Hydrogen: Anticipated higher global interest in low-carbon hydrogen as feedstock for ammonia, synthetic methane, and synthetic liquids.

8. Milestone Year for Technology-Based Carbon Dioxide Removal (CDR): The rapid development of methodologies and significant funding for technology-based CDR projects are expected to reach unprecedented levels in 2024.

9. Efforts to Alleviate Grid Congestion: Global efforts to streamline renewable power development, including higher investments in transmission and distribution and facilitation of other renewable technologies.

The comprehensive report concludes that the upcoming years will witness a significant shift towards more flexible power systems and continued advancements in the clean energy sector, addressing both environmental concerns and the growing demand for sustainable solutions.

S P Global Commodity Insights Highlights Top 10 Clean Energy Trends For 2024

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