Clean energy’s next trillion-dollar business

Decarbonising the World’s Electricity Supply

Introduction

Decarbonising the world’s electricity supply will take more than solar panels and wind turbines, which rely on sunshine and a steady breeze to generate power. Grid-scale storage offers a solution to this intermittency problem, but there is too little of it about. The International Energy Agency (IEA), an official forecaster, reckons that the global installed capacity of battery storage will need to rise from less than 200 gigawatts (GW) last year to more than a terawatt (TW) by the end of the decade, and nearly 5TW by 2050, if the world is to stay on course for net-zero emissions (see chart 1). Fortunately, though, the business of storing energy on the grid is at last being turbocharged.

Sustainable Development Goals (SDGs)

1. SDG 7: Affordable and Clean Energy
2. SDG 9: Industry, Innovation and Infrastructure
3. SDG 13: Climate Action

Grid-Scale Storage

• Grid-scale storage is crucial for decarbonising the world’s electricity supply.
• It provides a solution to the intermittency problem faced by solar panels and wind turbines.
• The International Energy Agency (IEA) predicts that the global installed capacity of battery storage needs to increase to more than a terawatt (TW) by the end of the decade and nearly 5TW by 2050.

Turbocharging Energy Storage

Fortunately, the business of storing energy on the grid is finally being turbocharged. This means that efforts to increase grid-scale storage capacity are gaining momentum.

SDGs, Targets, and Indicators

1. SDG 7: Affordable and Clean Energy

   • Target 7.2: Increase the share of renewable energy in the global energy mix
   • Indicator 7.2.1: Renewable energy share in the total final energy consumption

2. SDG 9: Industry, Innovation, and Infrastructure

   • Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
   • Indicator 9.4.1: CO2 emission per unit of value added

3. SDG 13: Climate Action

   • Target 13.2: Integrate climate change measures into national policies, strategies, and planning
   • Indicator 13.2.1: Number of countries that have integrated mitigation, adaptation, impact reduction, and early warning into national policies, strategies, and planning

Analysis

The article discusses the need for grid-scale storage to address the intermittency problem of renewable energy sources like solar panels and wind turbines. This issue is directly connected to SDG 7: Affordable and Clean Energy, which aims to increase the share of renewable energy in the global energy mix. The article highlights the need for battery storage to rise from less than 200 GW to more than a TW by the end of the decade and nearly 5 TW by 2050 to achieve net-zero emissions. This aligns with Target 7.2, which focuses on increasing the share of renewable energy, and Indicator 7.2.1, which measures the renewable energy share in the total final energy consumption.

Furthermore, the article mentions that the business of storing energy on the grid is being turbocharged, indicating progress towards SDG 9: Industry, Innovation, and Infrastructure. This goal aims to upgrade infrastructure and retrofit industries to make them sustainable. The need for grid-scale storage and the development of battery technology align with Target 9.4, which focuses on making infrastructure sustainable, and Indicator 9.4.1, which measures CO2 emissions per unit of value added.

Lastly, the article indirectly addresses SDG 13: Climate Action by emphasizing the importance of grid-scale storage in achieving net-zero emissions. Target 13.2 aims to integrate climate change measures into national policies, strategies, and planning, which includes the adoption of renewable energy and energy storage solutions. Indicator 13.2.1 measures the number of countries that have integrated mitigation, adaptation, impact reduction, and early warning into their national policies, strategies, and planning.

SDGs, Targets, and Indicators

Source: economist.com