G7 Electricity Storage Expansion

“G7 countries are set to agree [to] a global target this weekend to increase electricity storage capacity sixfold from 2022 to 2030, as countries grapple with how to keep the lights on while shifting to intermittent wind and solar power”

“climate ministers have ‘agreed in principle’ [to] a global goal for electricity storage capacity of 1,500 gigawatts in 2030, up from 230GW in 2022”

“The current text, which has not been agreed, says countries should phase out the use of coal power from which emissions are not captured shortly after 2035”

“The talks mark the first time G7 energy and climate ministers have met since almost 200 countries agreed at the UN COP28 climate talks in December to ‘transition away’ from fossil fuels”

“At the meeting in Dubai they also agreed to double energy efficiency and triple renewable energy capacity by 2030”

“Energy storage aims to stockpile excess energy when conditions for renewables are optimal, using options such as batteries, then discharge it as necessary”

“Hydroelectric dams currently provide the greatest store of renewable energy, but only about 15 per cent of energy is generated by hydropower. The International Energy Agency expects batteries to account for 90 per cent of new storage”

“The International Energy Agency said this week that the “rapid expansion” of batteries would be critical to meeting the energy goals set at COP28”

“It found that growth in batteries outpaced almost all other clean energy technologies in 2023, with 42 gigawatts added to electricity supplies around the world thanks to falling costs, better technology and supportive industrial policies”