‘Game changers’: Battery costs drop by 90% in 15 years

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

🗞️ Driving the news: The International Energy Agency (IEA) has released a report highlighting a dramatic decrease in battery costs by over 90% in the past 15 years
• This decline is one of the fastest among clean energy technologies, significantly boosting the role of batteries in renewable energy and electric vehicle sectors

🔭 The context: Batteries, traditionally linked to consumer electronics, now dominate energy sector demand, comprising over 90% of it
• In 2023, their use in the power sector grew by more than 130%, while electric vehicle sales surged from 3 million in 2020 to 14 million

🌍 Why it matters for the planet: Batteries are crucial for meeting global renewable targets set at COP28, aiding in the massive scale-up of renewables needed to mitigate climate change
• They help stabilize the variable output from renewable sources like solar and wind, and are key to achieving universal energy access by 2030

⏭️ What's next: To meet the ambitious renewable energy capacity goals by 2030, the IEA estimates a need for 1,500 GW of energy storage, with batteries providing the bulk of this capacity
• The growth trajectory for batteries requires significant scale-up in manufacturing and diversification of supply chains

💬 One quote: “Batteries will provide the foundations in both areas, playing an invaluable role in scaling up renewables and electrifying transport while delivering secure and sustainable energy for businesses and households,” says IEA Executive Director Fatih Birol.

📈 One stat: In 2023 alone, battery deployment in the power sector increased by more than 130%.

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