The year 2024 has brought about significant changes in sustainability, characterised by major advancements, important policy updates, and inspiring innovations. This overview reflects on some of the most influential events and developments that have shaped the global sustainability landscape.
This year has seen significant events that have reshaped our approach to sustainability. Conferences such as COP29 and COP16 set ambitious goals, while global leaders and companies showed remarkable determination in addressing urgent environmental and social challenges. The connection between environmental care, economic strength, and technological progress has never been clearer, positioning 2024 as a crucial moment in our shared path toward sustainability.
Key Events in 2024
In 2024, governments worldwide ramped up their efforts on environmental policies, leading to several significant agreements and regulations that transformed the sustainability landscape. Capitalising on the momentum from previous years, these policy changes reflected a deeper connection between environmental objectives and economic stability, indicating a united push toward a sustainable future.
COP16: UN Biodiversity Conference
The UN Biodiversity Conference in Mexico built upon the Kunming-Montreal Global Biodiversity Framework, aiming to reverse biodiversity loss and restore ecological balance.
Key Outcomes from COP16
Goal Acceleration: There was a significant push to protect 30% of the world’s land and marine areas by 2030, highlighted by the announcement of new protected zones in vital biodiversity hotspots.
Biodiversity Restoration Fund: A $50 billion fund was created for ecosystem restoration initiatives, particularly emphasising reforestation and the recovery of wetlands.
Sustainable Agricultural Practices Agreement: Nations reached an agreement on guidelines aimed at incorporating biodiversity-friendly practices into agricultural supply chains, helping to minimise habitat destruction.
UNFCCC COP29: Harmonizing Climate Actions
This year’s UNFCCC COP29, held in November in Azerbaijan, centred on harmonising climate actions with the Sustainable Development Goals (SDGs). A key theme was the connection between economic development and climate resilience. One of the major outcomes was the commitment to enhance Nationally Determined Contributions (NDCs).
Key Outcomes from COP29
Unified Global Carbon Strategy: Implementation of a revised carbon market framework under Article 6 of the Paris Agreement aimed at simplifying carbon trading and ensuring emissions reductions are not counted more than once.
Climate Resilience Fund: Establishment of a $200 billion fund dedicated to supporting climate adaptation initiatives in vulnerable areas, especially small island developing states (SIDS) and least developed countries (LDCs).
Renewable Energy Expansion Goals: A commitment to increase global renewable energy capacity by 400% by 2040, with major economies agreeing to facilitate technology transfer and financing for developing nations.
Notable Sustainable Innovations in 2024
Additionally, 2024 marked a major shift in green finance, with rising investments and innovative financial instruments driving sustainable change. Along with that, a transformative period for renewable energy and sustainability, driven by innovative technologies and global collaboration.
Direct Air Capture (DAC)
Companies like Climeworks scaled DAC facilities, capturing millions of tons of CO₂ from the atmosphere. Electro Swing Adsorption (ESA)-Direct Air Capture (DAC) is an innovative method using an electrochemical cell. In this process, a solid electrode absorbs CO2 when negatively charged and releases it with a positive charge. ESA-DAC technology is under development in the United States and the United Kingdom.
Blockchain Transparency in Energy, Oil & Gas
Blockchain technology, often delivered through SaaS platforms, is transforming the energy sector through energy trading and efficiency. Platforms like Vakt streamline trade settlement and documentation, while Powerledger facilitates peer-to-peer renewable energy trading, allowing users to share excess energy with neighbours, boosting efficiency and cutting costs.
Green building products
Green building materials, like sustainably sourced wood, reclaimed wood, and recycled materials, offer eco-friendly alternatives to traditional construction resources. These innovations address issues like deforestation and environmental impact. Examples include quarry waste rock, tyre rubber concrete, and vegetal fibre insulators. Mykor, a pioneer in sustainable insulation from mycelium, prioritises human and planetary health.
As we look ahead, the accomplishments of 2024 demonstrate that a sustainable future is achievable through innovation, collaboration, and shared responsibility. Let’s harness this momentum to create a flourishing planet for future generations.
