“Global Call to Action: Governments Urged to Boost Energy Storage and Electric Grids by Six-Fold”
Azerbaijan, as the host of this year’s COP29 UN summit, has put forward 14 climate initiatives that it hopes countries will sign up to. One of the key initiatives is to promote energy storage and electric grids, with the goal of boosting energy storage capacity six times above 2022 levels and renewing or adding 80 million kilometers of electricity grids by 2030.
The International Energy Agency (IEA) has emphasized the importance of increasing energy storage capacity to meet the goal set at COP28 to triple renewable energy capacity by 2030 while maintaining energy security. As renewable sources tend to produce variable power, energy storage can help stabilize electricity supply and support the adoption of renewables.
According to Iola Hughes, a research manager at battery consultancy Rho Motion, the COP29 target of reaching 1,500 gigawatts (GW) of energy storage capacity by 2030 is achievable, considering the current growth trends in battery storage. The IEA forecasts that under current policies, energy storage will reach 1,000 GW by 2030, but reaching 1,500 GW is necessary to limit global warming to 1.5C above pre-industrial levels.
The challenge lies in ensuring that energy storage is installed globally to support the transition to clean energy. The IEA highlights the need for policy makers and industry to take action to scale up battery storage and address supply chain challenges related to minerals like cobalt, lithium, and nickel.
In addition to energy storage, the COP29 initiative also aims to refurbish or add 80 million kilometers of electric grids by 2030. This massive undertaking is essential to meet the world’s climate goals and support the transition to clean energy.
The trend of voluntary initiatives at COP summits has been gaining momentum, with past presidencies introducing pledges to address various climate challenges. The COP29 “Action Agenda” includes initiatives to support climate finance, investment, and trade, unlock a global market for clean hydrogen, and promote sustainable tourism.
While these initiatives are promising, there is a need to ensure their implementation and effectiveness. Alden Meyer from think-tank E3G emphasizes the importance of monitoring progress and breaking the cycle of introducing new initiatives without follow-through. The success of these initiatives will depend on government commitment and collaboration to achieve climate goals.
Overall, the COP29 presidency’s focus on energy storage and electric grids reflects the urgent need to accelerate climate action and transition to clean energy. By setting ambitious targets and engaging governments and industry stakeholders, COP29 aims to drive meaningful change in the fight against climate change.