G7 ministers target six-fold increase in global energy storage by 2030

Source: Dhiyanesh Ravichandran | · EMERGING TECHNOLOGY NEWS · | May 2, 2024

Source: G7 Italy 2024

In the recently held G7 Ministerial Communique for Climate, Energy, and Environment in Italy, the G7 group of advanced economies called for increasing global energy storage capacity by more than six-fold between 2022 and 2030.

Citing International Energy Agency's (IEA) latest report titled 'Batteries and Secure Energy Transitions', the climate ministers of seven nations namely UK, US, France, Germany, Italy, Canada and Japan have acknowledged the need for robust energy storage capacity for meeting renewable energy targets and other climate goals.

Further, the Communique has also reiterated its commitment to the target of tripling renewables, as well as confirming their commitment to achieving a fully or predominantly decarbonized power sector by 2035, while making important new pledges to help meet that goal.

According to media estimates, the six-fold increase from the current capacities would mean a target figure of 1,500 GW energy storage by 2030. This target is almost double the number of what Bloomberg NEF has forecasted for operational capacities by the end of this decade, going by the current deployment trends.

The said target figure of 1,500 GW includes energy storage of all kinds, including battery-based technologies and pumped-hydro storage, among others. Also, it is to be noted that the G7 grouping does not include China, the single largest energy storage market that has added 22 GW/ 49 GWh of capacity last year.