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April 30, 2024

Batteries Could be Key to Energy Security and Climate Goals

Batteries play a crucial role in securing future energy needs.

Experts claim that batteries are essential for ensuring future energy security and for assisting COP28 in attaining its climate and energy goals.

The global deployment of batteries has more than doubled in the past year, surpassing nearly all other clean energy technologies, thanks to declining costs, increasing innovation, and industrial policies.

A recent report by the IEA, titled "Special Report on Batteries and Secure Energy Transitions," reveals that over the last 15 years, battery costs have plummeted by over 90%.

In 2023 alone, battery deployment in the power sector surged by over 130%, contributing 42 gigawatts (GW) to global electricity systems.

Moreover, batteries have facilitated the rapid expansion of electric vehicle sales, from three million in 2020 to nearly 14 million in 2023.

However, the IEA argues that capacity will need to increase sixfold to meet the 2030 targets outlined at the COP28 climate conference.

Fatih Birol, Executive Director of the IEA, remarked,

"The electricity and transport sectors are two key pillars for swiftly reducing emissions to meet the targets agreed at COP28 and maintaining the possibility of limiting global warming to 1.5 °C."
"Batteries will serve as the cornerstone in both areas, playing an invaluable role in scaling up renewables and electrifying transport while delivering secure and sustainable energy for businesses and households."
"The combination of solar PV and batteries is now competitive with new coal plants in India. And in just a few years, it will be more cost-effective than new coal in China and gas-fired power in the US. Batteries are revolutionizing the landscape before our eyes."

If worldwide energy storage capacity increases sixfold by 2030, batteries would account for 90% of the increase, with pumped hydropower comprising most of the remainder. Batteries will help COP28 achieve its objectives, including tripling renewable energy capacity, doubling the pace of energy efficiency improvements, transitioning away from fossil fuels, and achieving Net Zero.

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