Project management is key to achieving the transition to a more sustainable society and reducing carbon emissions.
The year 2023 brought us important advances in industrial decarbonization, but 2024 promises to further increase the diversity of projects and solutions in this area. According to BloombergNEF, more countries are expected to commit to sustainable projects in steel and cement production.
A report by BloombergNEF has recently been published revealing some predictions for the year 2024 in terms of industrial decarbonization projects. Throughout the year, we could witness a more significant diversity of projects than in previous years, which would increase the focus on the bottlenecks that have so far delayed the progress of these initiatives. It is expected that the problems related to carbon sequestration permits will be addressed, which would provide some relief for carbon storage. This measure would be mirrored in the United States, which would set new targets for approving CO2 storage sites.
Increase in recycling projects
The plastic recycling sector would also experience remarkable growth by 2024. With chemical recycling projects about to go into operation, at least two large-scale recycling plants are expected to open. These plants would be located mainly in the United States, although Europe could surpass the United States in this respect thanks to strong legislation related to the circular economy.
Zero emissions in steel and cement projects
Low-carbon steel and cement would become the most popular trends in the industry. Innovative hydrogen-based steel production projects that have exploded in China and Europe will expand into the Americas and the Middle East. On the other hand, important agreements will be required to ensure the viability of the recently realized low-carbon cement production capacity.
The BloombergNEF report stresses that this year’s progress in industrial decarbonization was more moderate compared to other years. Although there were new announcements of steel, bioplastics, and hydrogen-based cement plants, difficulties in accessing equipment and raw materials hindered progress. However, it is expected that next year these obstacles will be overcome, and there will be greater momentum in industrial decarbonization.
In summary, 2024 could open the way to a greater diversity of projects and solutions focused on industrial decarbonization. From carbon capture permits to advanced plastic recycling projects to greener steel and cement, this year will offer new opportunities in the quest for a more sustainable future.
Transforming your passion for project management into a successful career
The Universidad Internacional Iberoamericana (International Iberoamerican University, UNIB) is pleased to invite all those passionate about project management to take advantage of the opportunity to study our Master in Project Design, Administration and Management.
Now more than ever, professionals trained to lead and optimize projects aimed at sustainability and environmental care are required. Our master’s program is specifically designed to provide students with the skills and knowledge necessary to address current and future challenges in project management.
Source: 2024 could bring greater diversity of industrial decarbonization projects
