How much money is needed for energy storage & grids?

Investments in grids and flexibility measures need to nearly double from current levels, requiring an average of USD 717 billion per year is needed in grids and flexibility between 2024 and 2030. Global Energy Storage and Grids targets require a six-fold increase in energy storage capacity over 2022 levels, aiming for 1,500 GW by 2030.

What is the primary source of energy stored on electricity grids?

The primary source of stored energy on electricity grids today, at well over 90% of energy stored, is Pumped Storage Hydropower, but more is needed to ensure the flexibility and security of global grids. There is no shortage of potential sites.

What can governments do beyond the energy pledge?

Beyond the pledge, governments must raise their ambitions for long duration energy storage where 1TW is required by 2030, and adopt enabling policy and regulatory reforms that will drive investment and accelerate the development of grid and storage technologies.

Who represents the energy storage sector at cop29?

GRA's Julia Souder representing the energy storage sector at COP29. Baku, 15 November 2024: Multiple nations have committed to the Global Energy Storage and Grids Pledge.

Does uneza support the expansion of Energy Networks?

Mr. Thomas Birr, Chief Strategy & Innovation Officer at E.ON SE said “We support UNEZA's efforts to push ahead with the expansion of energy networks. E.ON plays a leading role in Europe’s energy transition and in the development of a sustainable and future-proof European energy system.

Is a lack of long duration energy storage a problem?

Eddie Rich, CEO, the International Hydropower Association, and Vice-Chair of GRA commented: “A lack of long duration energy storage has, until now, been the ignored crisis within the current energy crisis. This is the first time world leaders have recognised the need for a mix of renewables, rather than just volume.