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Global Energy Storage and Grids Pledge Gains Momentum at COP29

At COP29, multiple nations committed to deploying 1,500 GW of energy storage, doubling grid investment, and building 25 million km of grid infrastructure by 2030. Leaders highlighted the pledge's role in advancing global energy transitions and sustainability goals.

November 16, 2024. By EI News Network

COP29, held in Baku, Azerbaijan from November 11-22, 2024, is a key event for tackling the climate crisis. With record-breaking temperatures and more frequent extreme weather, the conference has brought together global leaders, businesses, and civil society to implement actionable solutions.

At the conference, several nations endorsed the 'Global Energy Storage and Grids' initiative, which aims to deploy 1,500 GW of energy storage, double global grid investments, and develop 25 million kilometers of grid infrastructure by 2030, marking a significant step toward achieving sustainable energy goals and enhancing grid resilience worldwide.

Parviz Shahbazov, Azerbaijan's Minister of Energy, emphasised the nation’s pivotal role in advancing global energy storage and grid infrastructure to meet climate goals. “By connecting remote energy sources, balancing supply and demand, and integrating green energy into grids, Azerbaijan accelerates sustainable progress,” he stated. Shahbazov urged collective action, saying, “Let COP29 be a turning point to elevate global energy efforts, strengthen climate action, and build a sustainable future for our planet.”

Julia Souder, CEO of the Long Duration Energy Storage Council (LDES), described the target of deploying 1,500 GW of energy storage by 2030, as a 'monumental leap forward' in addressing the flexibility and reliability challenges of renewable energy systems. Souder emphasised the importance of long-duration energy storage (LDES) technologies in harnessing renewable energy potential, noting the need for over 1 TW of LDES capacity by 2030 and up to 8 TW by 2040 to meet net-zero targets.

Eddie Rich, CEO of the International Hydropower Association, addressed the critical role of pumped storage hydropower, which currently provides over 90 percent of stored energy globally. Rich highlighted the vast potential for new sites, citing an atlas of over 600,000 potential off-river locations worldwide.

Bruce Douglas, CEO of the Global Renewables Alliance, stressed the need for global targets to translate into national policies and projects, particularly in the context of upcoming updates to Nationally Determined Contributions (NDCs). “This is an urgent call to action to ensure a sixfold increase in energy storage and double grid investments by 2030," he said.

The energy transition’s rapid pace, driven by wind and solar power, underscores the necessity for robust storage systems. In 2023, solar and wind accounted for 80 percent of additional global generation capacity, but their variable nature necessitates solutions to store and distribute energy effectively.

With commitments from nations and industry leaders, the COP29 pledge marks a significant step toward decarbonising global energy systems, enhancing grid resilience, and achieving climate goals. The initiative sets the stage for transformative action, ensuring the world remains on track to meet its renewable energy ambitions.

Tags:

Global Energy Storage and Grids initiative

grid infrastructure by 2030

Parviz Shahbazov Azerbaijan

Minister of Energy

CEO of Long Duration Energy Storage Council

Julia Souder

Eddie Rich