Trends December 2024

Todd Danielson on December 1, 2024 - in News, Trends

In this section, Informed Infrastructure compiles infographics from trusted sources that reveal insight on infrastructure spending. We also compile some of the top infrastructure stories that shouldn’t be missed. For ongoing news coverage, turn to Informed Infrastructure online (www.informedinfrastructure.com), our Twitter feed (@IInfrastructure) and our weekly e-newsletter.

Renewables Could Meet Almost Half of Global Electricity Demand by 2030

According to the International Energy Agency (IEA) “Renewables 2024” report (bit.ly/3ZbxCjk), renewable energy could meet almost half of global electricity demand by the end of this decade.

Global renewable capacity is expected to grow by 2.7 times by 2030, surpassing countries’ current ambitions by nearly 25 percent. Climate and energy-security policies in nearly 140 countries have played a crucial role in making renewables cost-competitive with fossil-fired power plants.

New solar capacity added between now and 2030 will account for 80 percent of the growth in renewable power globally by the end of this decade. Adoption accelerates due to declining costs, shorter permitting timelines and widespread social acceptance.

China is set to cement its position as the global renewable-energy leader, accounting for 60 percent of the expansion in global capacity to 2030. The country is forecast to be home to every other megawatt of all renewable energy capacity installed worldwide in 2030, after surpassing its end-of-the-decade 1,200 GW target for solar PV and wind six years early.

Billions from BIL Pledged to Infrastructure Upgrades

The last months of 2024 saw billions of dollars awarded by the U.S. government to infrastructure projects and industries large and small. Provided through the $1.2 trillion Bipartisan Infrastructure Law (BIL), several of the announcements are summarized here:

• The U.S. Department of Transportation (USDOT) Federal Railroad Administration (FRA) announced the availability of more than $1 billion in funding to expand and modernize intercity passenger rail nationwide through the Federal-State Partnership for Intercity Passenger Rail Program for projects not located on the Northeast Corridor (bit.ly/4hTInOx).

• The FRA awarded more than $108 million to several railroad-related projects overseen by state departments of transportation in Alaska, South Dakota and Wyoming through its Special Transportation Circumstances grant program (bit.ly/4hOIj2u).

• The USDOT Federal Highway Administration (FHWA) announced $62 billion in fiscal-year 2025 funding for 12 formula programs that invest in all 50 states, the District of Columbia and Puerto Rico for infrastructure improvements (bit.ly/3UZcKcK).

• The FHWA announced nearly $635 million for 22 small and medium-sized bridge projects in rural and urban areas (bit.ly/3YZyq9P).

• The USDOT issued $4.2 billion to 44 major transportation projects across the country through two discretionary grant programs: the National Infrastructure Project Assistance or “Mega” grant program and the Infrastructure for Rebuilding America or “INFRA” grant program (bit.ly/3CKCAdT).

• The USDOT announced more than $3.4 billion in grants through three priority programs funded through BIL: the Federal-State Partnership for Intercity Passenger Rail Program, the Safe Streets and Roads for All Program, and the Port Infrastructure Development Program; and one program created in the Inflation Reduction Act: the Low Carbon Transportation Materials Discretionary Grant Program (bit.ly/4hPx1Lz).

• The Federal Aviation Administration (FAA) awarded $970 million to 125 U.S. airports spanning 46 states, Guam and Palau (bit.ly/3OiaOIi).

• The U.S. Department of Energy (DOE) announced that 49 states, 5 territories, 254 Tribal Nations and the District of Columbia received a combined total of $473.6 million in fiscal-year 2024 Grid Resilience State and Tribal Formula Grants to modernize the electric grid to reduce the impacts of extreme weather events while ensuring the reliability of the power sector (bit.ly/3Cu10bx).

• The DOE Office of Fossil Energy and Carbon Management announced more than $518 million to support 23 selected projects across 19 states that will fight climate change by developing the infrastructure needed for national decarbonization (bit.ly/3UZeHWw).

ASCE Report Finds Civil Engineering Salaries Rising

The American Society of Civil Engineers (ASCE) “2024 Civil Engineering Salary Report” found that the median pre-tax income from all sources for civil engineers was $135,000 in 2023—up $7,000 from 2022. Meanwhile, median pre-tax income from primary sources (meaning salary, commissions, bonuses and net self-employment) was $130,000—up from $124,000 last year.

Starting salaries for entry-level civil engineers increased to a median of $76,000. Civil engineering employers continue to provide a wide range of non-salary benefits, with most respondents reporting employer-sponsored health insurance, retirement plans buoyed by employer contributions, ASCE membership dues covered, paid attendance at professional-development conferences and flexible working hours.

“Civil engineers are in high demand right now as projects to improve America’s infrastructure move from funding to design and construction,” said ASCE 2024 President Marsia Geldert-Murphey, P.E., F.ASCE. “Based on what I learned in my undergraduate macroeconomics class, those rising salaries mean our profession is strong, and demand is growing.”

Access the full report at bit.ly/4hUFxca.

Global Alliance Unveils New Report to Unlock Billions for Decarbonizing Buildings at Scale

A global alliance of “green building” organizations released a report, “Building Transition: How to Scale and Finance an Inclusive Transition for the Built Environment,” which focuses on the 75 percent of lower-performing buildings that have not yet adopted green building practices.

The initiative, led by the UK’s Building Research Establishment, the Green Building Council of Australia, the Singapore Green Building Council, the U.S. Green Building Council and Alliance HQE-GBC France, seeks to close the gap between top performers and the rest of the market.

With the building sector accounting for a significant share of global emissions, unlocking investments for the underperforming majority is seen as a crucial step in decarbonizing at scale. This call to action lays out how to attract capital to this large untapped segment, ensuring that decarbonization happens across the entire built environment—not just in the elite tier of buildings.