New frontiers in low-cost clean tech

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

🗞️ Driving the news: The G20 summit in New Delhi has underscored the urgent need for affordable clean energy, with a focus on overcoming the high costs and limitations of battery energy storage systems (BESS) to accelerate the renewable energy transition

🔭 The context: The International Energy Agency's World Energy Outlook 2022 indicates that renewable energy capacity must triple by 2030 to achieve net-zero emissions by 2050
• However, current funding falls short of the $4.5 trillion required annually to limit global warming to 1.5°C

🌍 Why it matters for the planet: Affordable clean energy is pivotal for sustainable development. The high cost of BESS is a significant barrier to the widespread adoption of renewables, which are essential for reducing carbon emissions and combating climate change

⏭️ What's next: The upcoming COP28 in Dubai will see the launch of the BESS Consortium, aiming to mobilize 5 gigawatts of BESS by 2024 and unlock 90 gigawatts by 2030 to support 400 gigawatts of renewable energy, particularly in developing countries

💬 One quote: "By collaborating to drive down the costs of renewables, we can ignite demand, stimulate innovation, and trigger a market transformation," (Ravi Venkatesan, Chairman of the Global Energy Alliance for People and Planet)

📈 One stat: The G20 leaders have reaffirmed their commitment to mobilize $100 billion per year in climate finance, a figure that is significantly lower than the annual investment needed for a sustainable energy transition

Click for more news covering the latest on green tech