Only half of the energy storage needed to properly integrate the potential solar PV additions globally by 2030 will be deployed based on current policies, the International Energy Agency (IEA) said in its World Energy Outlook report for 2023.
Cumulative energy storage installations will go beyond the terawatt-hour mark globally before 2030 excluding pumped hydro, with lithium-ion batteries providing most of that capacity, according to new forecasts.
Despite the fall in unit prices for energy storage, a total of US$3.6 billion of investment was committed to energy storage projects in 2020, around the same amount as in 2019.
Dimitrios Pappas, analyst at new energy consultancy Delta-EE, considers the impact the novel coronavirus (COVID-19) could have on the energy transition, particularly for batteries used in EVs and ESS, while Energy-Storage.news editor Andy Colthorpe adds his own take.
While recycling of lithium and other materials such as cobalt from batteries will greatly increase in the coming years, the potential availability of second life batteries should not be underestimated, according to new research and data.
While Extinction Rebellion may have helped draw attention to the scale of the problem, it’s now up to us all – especially those of us with a head-start in the industry – to bring the solutions to life.
A new poll has identified energy storage as the most promising technology for institutional investors keen on renewable assets, amid plans by many to ramp up allocations.
