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What To Expect From The Energy Sector In 2024

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The energy industry has gone through trial after tribulation in the last 12 months – from war and political unrest affecting energy supply, to the lasting effects of the pandemic, to the energy crisis felt across all corners of the globe. In this blog, we look at what to expect from the sector in 2024.

The transition to renewable energy

Renewables on the rise

As oil and gas production continues to rise, so will prices. It’s expected that fossil fuels will still dominate energy consumption overall – despite calls on global leaders to cut carbon. However, renewable energy is also on the increase, with global combined solar and wind energy consumption anticipated to grow by approximately 11% each year.

High targets for hydrogen

Many countries are setting ambitious hydrogen targets too. The US is aiming for 10 million tonnes of clean hydrogen to be produced annually by 2030; with this increasing to 20 million by 2040, and 50 million by 2050. Meanwhile, the UK has a target for low-carbon production of 10GW by 2030. But despite these high targets, universal hydrogen production is still expected to be minimal in 2024.

Indonesia sets the standard

While the outlook for transitioning to renewable energy is positive, some countries are still a long way off net-zero targets. Though when it comes to transition inspiration, they need look no further than Indonesia. Beyond making a $20 billion deal with the US as part of their decarbonisation plan, they have also brought forward their net-zero goals by a decade to 2050.

Energy talent trends

Skills gaps plague the job market

With 154,000 UK jobs in offshore energy, 8 million US roles in renewable energy, and 40,000 new openings for skilled construction personnel, demand for talent has never been higher. This is due to the considerable uptake in renewable energy projects being delivered across the nation. But while the jobs are available, the right skills are not  – so upskilling should be a focus in 2024 if countries hope to achieve net-zero goals. 

Green energy attracts a new generation

A growing number of young people are keen to move into the renewable sector to help achieve sustainability goals and bypass oil and gas. As a result, while non-renewables are set to dominate overall in 2024, those in the green energy market will find it easier to source talent.

Companies align with the fresh outlook
It’s not just candidates that are diversifying their job search – we've also noticed clients transitioning to account for this new outlook. For example, TotalEnergies rebranded in 2021 to reflect their sustainability goals and attract fresh talent. And we’re predicting that more companies will follow suit in this transition over the next 12 months.

How WRS can support you through a new challenge

Whether you’re a candidate seeking a change, or an energy firm looking to put your best foot forward in 2024, we can help. Our team are experts when it comes to finding the ideal client-candidate match – get in touch today.