Three Pieces of Good News on Climate Change in 2024
The climate scenario in 2024 is marked by striking contrasts. While global greenhouse gas emissions soared to 37.4 billion metric tons this year, highlighting a worrying trend, there are aspirations worth celebrating. This year is poised to be the warmest on record, with temperatures soaring 1.54 °C (2.77 °F) above pre-industrial levels. Despite these stark realities, there are signs of positive developments worth noting.
Kicking Coal to the Curb
A particularly uplifting moment this year came from the UK, a nation historically dependent on coal. As of September 30, 2024, the last coal plant shut down, signaling a monumental shift. Renewable energy sources are stepping in robustly, with UK wind farms set to generate more electricity than coal and gas combined this year. This moment symbolizes a broader global movement away from fossil fuels.
In the US, the reliance on coal has drastically decreased from its peak, dropping from around 50% of the electricity supply four decades ago to just about 16% in 2023. The expectation is that coal usage will plateau and begin to decline, but this necessitates swift action, particularly in regions like China where energy consumption continues to escalate rapidly. Concerns also loom about the energy demands of data centers, which are an increasingly significant factor in climate discussions.
Significant shifts in energy production are underway.
A Bright Future for Battery Technology
Battery technology is experiencing an unprecedented wave of affordability. Prices of lithium-ion battery packs have dropped by 20% this year, now averaging $115 per kilowatt-hour, as per data from BloombergNEF. This marks the biggest dip since 2017, highlighting a promising trajectory for electric vehicles (EVs), which are critical for reducing transportation sector emissions.
Lower battery costs bode well for making electric vehicles more accessible, particularly since EVs still carry a higher upfront cost than gasoline-powered cars globally. The remarkable progress in battery pricing is noteworthy, as they were twice as expensive in 2017. This significant price reduction could catalyze a greater shift towards EV adoption.
However, the EV market is not without challenges. A slowdown in demand has tempered growth, impacting battery prices. China remains the foremost player in the EV sector, contributing to three-quarters of global registrations in 2024.
The Climate Tech Upsurge
Reflecting on 2024, optimism surfaces amidst the challenges. Numerous companies are innovating to address climate change head-on. Some are harnessing the power of nature, such as companies working to grow microbes in massive bioreactors to enhance food security and researchers investigating plant-based solutions for metal extraction.
Others are focusing on electrifying energy sources; for instance, air-conditioning systems that act like batteries hold promise for energy storage. The US Department of Energy is progressing on projects aimed to concentrate heat from the sun for electricity generation and industrial uses. Furthermore, a startup is pioneering hydropower technology that’s safer for fish while another innovates magnets from cheap, widely available materials.
We curated a list of 15 Climate Tech Companies to Watch which featured a range of innovative solutions, from AI-powered wildfire detection to emissions-reducing supplements for cattle.
“Climate change represents a massive challenge for the world, and we’re entering an especially uncertain time.”
- Climate Tech Advocate
The road ahead in 2025 holds promises and uncertainties alike. As we march forward, engagement and innovation will be key as we strive to meet the global climate challenge head-on.
