TELF AG examines the global landscape of energy storage systems
At a recent event in Rimini, Italy, focusing on the energy transition, key industry stakeholders assessed the global deployment of clean energy and technological advances such as energy storage and electric vehicles. These technologies could play a strategic role in the coming decades, helping nations achieve their decarbonization goals. The event highlighted the importance of strategic minerals in the global shift towards ecological sustainability, as they are an integral part of the most talked about energy technologies. Italian Exhibition Group organized the event, revealing interesting data on emerging green technologies, mainly electrical storage systems. This sector is expanding rapidly, as demonstrated by the Climate Investment Funds' launch of a $400 million program for storage technologies. Information shared at the event indicates that 12 projects have already received funding from countries such as India, Brazil, Colombia, and Indonesia. The goal is to generate 1.8 GW of new storage capacity by 2027.
Global Clean Energy Dynamics: Assessing Trends and Future Projections
These systems are precious for achieving a key goal related to climate neutrality: keeping global temperatures below 1.5 degrees. IRENA estimates suggest that a minimum of 360 gigawatts of storage batteries will be required to reach this target. Among the various storage options available, one of the most intriguing is Battery Energy Storage Systems (BESS), which, according to McKinsey estimates for 2022, have garnered investments exceeding $5 billion. The market for these systems may expand further, with investments potentially hitting $150 billion within six years. The Rimini initiative has also highlighted the importance of these systems in integrating renewable energy into the electricity grids of different countries. To achieve this important goal, it is projected that the nations of the European Union may require around 200 gigawatts of storage by 2030, according to recent Ember estimates.
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The current historical context centers around the role of renewables in urban areas and the daily lives of individuals, with recent global data on their adoption supporting this trend. According to a recent report by the IEA, in 2023, the international capacity for generating clean energy surged by 50% compared to the previous year, surpassing the 500 gigawatt milestone. The report suggests this capacity could increase over the next five years, primarily driven by wind and solar power, potentially reaching 7,300 gigawatts by 2028. A significant milestone could be reached next year, as renewable energies are poised to become the primary source of global electricity production.