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G7 nations set 1500GW global energy storage target for 2030

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G7 nations have agreed a new global energy storage target of 1500GW by 2030, a six-fold increase from today’s levels.

The new target for cumulative deployments was agreed to in a G7 Ministerial Communique for Climate, Energy, and Environment in Turin, Italy, yesterday (30 April).

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The deployment of energy storage at that scale will transform the availability of renewable energy resources to better compete with fossil fuels and strengthen energy security, the US Department of Energy (DOE) said in a ‘US-UK Strategic Energy Dialogue 2024: Joint Statement’. The G7 comprises the UK, US, France, Germany, Italy, Canada and Japan.

Two hundred countries agreed at COP28 last year to triple renewable energy capacity to 11TW by 2030, as reported by our sister site PV Tech.

Note that the G7 does not include China, which is currently the world’s largest energy storage market by annual deployments by some distance, adding around 22GW/49GWh in 2023, ahead of the US’ 8.7GW/26GWh, the next-largest.

The 1500GW figure covers all energy storage technologies including battery energy storage system (BESS), pumped hydro energy storage (PHES) as well as hydrogen and water-based technologies.

The 1500GW target is double what BloombergNEF has forecast is scheduled to be online based on current deployment pipelines, as reported by Energy-Storage.news this week.

Energy-Storage.news’ publisher Solar Media will host the 1st Energy Storage Summit Australia, on 21-22 May 2024 in Sydney, NSW. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

Energy-Storage.news’ publisher Solar Media will host the 2nd Energy Storage Summit Asia, 9-10 July 2024 in Singapore. The event will help give clarity on this nascent, yet quickly growing market, bringing together a community of credible independent generators, policymakers, banks, funds, off-takers and technology providers. For more information, go to the website.

18 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!
18 March 2025
Sydney, Australia
As we move into 2025, Australia is seeing real movement in emerging as a global ‘green’ superpower, with energy storage at the heart of this. This Summit will explore in-depth the ‘exponential growth of a unique market’, providing a meeting place for investors and developers’ appetite to do business. The second edition will shine a greater spotlight on behind-the-meter developments, with the distribution network being responsible for a large capacity of total energy storage in Australia. Understanding connection issues, the urgency of transitioning to net zero, optimal financial structures, and the industry developments in 2025 and beyond.
27 May 2025
London, UK
At the time of writing, Europe had had its most successful year in terms of Power Purchase Agreements (PPAs) with a record 7.8GW of renewable energy contracts signed. As we gather in May 2024 for the third edition of the Renewable Energy Revenues Summit, the energy landscape continues to evolve rapidly, influenced by the beating drum of climate change, volatility around power prices and the need to decarbonise power procurement as well as generation.

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