Sustainability 2024: The Road Ahead

 

As we enter 2024, sustainability remains at the forefront of public discourse and policymaking. The effects of climate change are becoming increasingly visible, with record high temperatures, intense storms, droughts and wildfires experienced in the past year alone. Scientists warn we are running out of time to curb emissions and prevent catastrophic climate disruption.

 

However, 2023 also saw positive momentum around sustainability efforts. The Inflation Reduction Act passed in the US is the largest climate investment in the country’s history. Global investment in renewable energy surged ahead of fossil fuels for the first time. Seventeen additional countries committed to the 30 by 30 biodiversity goal to protect land and oceans. Electric vehicle sales continued exponential growth across Europe, Asia and North America.

 

So what’s on tap for sustainability in 2024?

 

Policy Progress But More Needed

Governments are slated to strengthen sustainability commitments in 2024, but pressure will mount for bolder, faster action in line with the urgent timelines put forth by climate scientists. Key global conferences where new targets may emerge include the UN Biodiversity Conference and UN Climate Change Conference (COP28) in late 2024.

 

Clean Technology Reaching Critical Scale

 

Many technologies needed to underpin a sustainable future - like electric vehicles, low carbon steel and “green” hydrogen - are projected to hit key competitive production cost and capacity milestones in 2024. This widescale deployment can drive costs down further and allow clean tech to outcompete incumbent fossil-based alternatives. 2024 may mark the year these technologies truly begin reshaping how we power homes, buildings, transport and industry on route to net zero emissions.

 

Sustainable Consumption Going Mainstream

 

Consumer brands across apparel, food and electronics space are racing to meet demand for more ethically-produced, eco-friendly offerings. Rules are tightening on environmental and ethical claims through new regulations like the EU’s Corporate Sustainability Due Diligence Directive coming into effect in 2024. Expect consumers to have expanded transparency into the lifecycle sustainability of the products they buy - and to increasingly make purchasing decisions aligned with their values.

 

The road ahead undoubtedly remains challenging. But developments across the policy, technology and consumer spaces point to sustainability momentum that can gather steam through 2024 and beyond. The transition to a sustainable, equitable and prosperous future for humanity and planet is underway.