International Energy Agency: batteries must play crucial role
Last week, the International Energy Agency's (IEA) report "Batteries and Secure Energy Transitions" was released. The report describes the central role of battery technologies in supporting the global energy transition.
Promising emergence of batteries
With the urgent need to switch to cleaner and more sustainable energy sources to combat climate change and ensure energy security, the emergence of batteries as a promising solution is highlighted by the IEA. The report points to recent technological advances in battery technologies, with improvements in energy density, longevity, safety and cost effectiveness. These advances have made batteries increasingly attractive for a wide range of applications, including for electricity grids where batteries provide integration of renewable energy sources, balancing supply and demand, and improving power supply reliability. In addition, energy storage systems for households and businesses contribute to energy independence and maximizing the use of self-generated renewable energy, IEA said.
Although realized battery power worldwide has increased to 41.5 gigawatts, the IEA considers it necessary to increase this number sixfold to meet the 2030 climate targets. To ensure the desired speed, battery cost reductions are necessary. In doing so, the researchers note that the cost of batteries has fallen by more than 90 percent in less than 15 years. Global battery production has more than tripled in the past 3 years. Although China currently produces the most batteries, the IEA report shows that 40 percent of announced plans for new battery plants are in the United States and the European Union (EU).
Focused public policy, international cooperation and environmental impact
IEA researchers warn that failure to scale up battery production and rollout risks slowing the transition to renewable energy in the power sector. In a low battery scenario, in particular, the rollout of solar panels would be delayed, jeopardizing nearly 500 gigawatt peak of the amount of solar panels needed to triple renewable energy production by 2030. To avoid this, the IEA makes several recommendations in the report.
One of the key recommendations focuses on policies and regulations to support the growth of battery technologies. This includes investment incentives, subsidies, energy efficiency standards and recycling regulations. By creating a favorable regulatory environment, governments and policymakers can accelerate the development and implementation of battery technologies.
International cooperation is also reported as a crucial factor in accelerating the development and implementation of battery technologies. Through knowledge exchange, technology cooperation and joint investment, countries around the world can benefit from each other's expertise and resources to address common challenges.
Another important aspect discussed is managing the environmental impact of battery production and waste. While batteries are a potentially powerful tool for reducing greenhouse gas emissions and promoting renewable energy sources, it is essential to manage the environmental footprint of batteries themselves. This includes promoting sustainable manufacturing and recycling practices and minimizing negative environmental impacts.
Click here to view the entire report.
