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G7 to target sixfold expansion of electricity storage

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: G7 nations plan to substantially increase electricity storage capacity to 1,500 gigawatts by 2030, from 230 gigawatts in 2022
• This ambitious goal, discussed ahead of a crucial meeting of climate ministers, focuses on enhancing the reliability of renewable energy sources like wind and solar by using various storage solutions, including batteries and hydrogen.

🔭 The context: The proposed target comes as part of the global efforts to manage the transition from fossil fuels to renewable energy, which can be intermittent
• This follows commitments made at the UN COP28 climate talks to significantly boost energy efficiency and renewable energy capacity.

🌍 Why it matters for the planet: A sixfold increase in electricity storage capacity is pivotal for stabilizing power supplies as the world shifts towards renewable energy
• Efficient storage solutions are essential to mitigate the variability of renewable sources and ensure continuous energy availability, reducing dependency on fossil fuels.

⏭️ What's next: If agreed upon, this target will necessitate a significant scale-up in technology and infrastructure for energy storage, with a major focus on batteries
• Governments and industries will likely increase investments in research and development of energy storage technologies to meet these ambitious goals.

💬 One quote: "The energy storage target is a good solution and shows that countries are taking the Dubai agreement seriously by focusing on implementation," stated one official involved in the G7 talks.

📈 One stat: "Hydroelectric dams currently provide the greatest store of renewable energy, but only about 15 percent of energy is generated by hydropower," according to the International Energy Agency.

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