Spain has awarded €165 million to seven pumped hydro storage projects totalling around 2.1GW/21GWh, while Portugal has set a target of 1.4GW of new pumped hydro capacity by 2040.

There is a four-fold difference between how much energy storage the US Department of Energy (DOE) forecasted would be deployed by 2040 before the Inflation Reduction Act (IRA), and how much it now forecasts.

With nearly half of global emissions coming from heat processes, clean long duration energy storage (LDES) which can store thermal energy are crucial for decarbonisation, says a new LDES Council report.