Slow Evolving Automotive Market may Impact Green Transition
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
By Shubhendra Anand , 21 November, 2024
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels still dominate the energy market compared to renewables in 2024. A survey on the energy market shows fossil fuel's dominance in 2024. Hence, experts suggest faster progress in renewable production to overcome fossil fuel usage.
In the era of sustainability, it is important to boost the adoption of renewables in different market sectors. According to a survey done by World Energy in 2024, fossil fuel consumption globally exceeds all records in 2023. If fossil fuel usage in the energy sector expands, it may affect sustainability. It will hinder the transition to clean energy. Based on energy sector data, renewables like wind energy see substantial growth of 8 gigawatts in 2023, leading to 11 percent progress in electricity generation. Earlier studies predicted that the overuse of fossil fuels could put the world in great danger if we do not switch to renewables. Hence, globally, the developed and developing nations are switching to renewables to beat fossil fuel consumption. However, it is challenging to create a clean energy landscape too soon.
Developing nations like China and India are significant contributors to fossil consumption, as reported by the survey in 2024. The large population in these two Asian nations is the main factor boosting fossil fuel consumption. Providing large sets of renewables and clean fuel to such a large population is difficult. Even India's records hitting the highest power demand in 2024 indicate more fossil fuel consumption in the future. Other surveys show that energy consumption will rise to 620 Exajoules in 2023, the highest of all time. It led to carbon emissions of 40 Gigatonnes for the first time. Hence, it is important to determine whether a clean energy transition with renewables is effectively working, as fossil fuel consumption narrates a different story.
China and India reported the highest carbon emission
Latest News
Slow Evolving Automotive Market may Impact Green Transition
The global automotive industry faces multiple challenges in 2024. It is due to several other reasons apart from its affordability. Since the beginning of 2024, automotive trends have been evolving, shaking the balance of the automotive domain. A…
Indian Ferro Alloys Faces Numerous Challenges in 2024
Ferro alloys play a crucial role in India’s steel industry. The manufacturing and production sector relies on ferro alloys to boost the nation's heavy industries and steel production. A survey of 2024 shows that the ferro alloys market is facing…
High Cost and Infrastructure Constraints Drive the Global EV Sales
The automobile market has experienced a global slowdown since the beginning of 2024. However, the electric vehicle market plummeted over the period in 2024. Several constraints are behind the fall of electric vehicle sales, such as costly raw…
Hydrogen Trains in 2024 to Drive Sustainability
Hydrogen trains signify an essential development in the world's efforts to decarbonize transport. А Hydrogen-powered trains emerged as the fastest way of mobility, with specific coverage and significant developments in several areas, signifying a…
Mexico Energy Sector aims to Expand Clean Energy Transition by 2030
Mexico is progressing rapidly in the renewable energy sector, envisioning double its production by 2030. By 2024, 35% of electricity should come from clean sources, compared to 29% in 2022. With a focus on solar, geothermal, wind, and hydroelectric…
