Setting up a deep learning environment with TensorFlow 2.4 and GPU support can be streamlined by following a series of steps, particularly for cloud VMs running Debian or Ubuntu. The process begins with the installation of the Anaconda package manager, followed by creating a Conda virtual environment to manage Python 3.8 installations. A crucial step involves installing NVIDIA's CUDA and cuDNN developer libraries, as TensorFlow versions are specifically compiled to utilize certain versions of these libraries for GPU acceleration. Despite the lack of a Conda install script for TensorFlow 2.4, detailed instructions from the TensorFlow team can guide users through manual installation. The setup concludes with a new method provided by TensorFlow 2.4 to verify GPU availability, ensuring that the environment is properly configured to leverage GPU capabilities for deep learning tasks.