2024-11-21

Energy Storage: a catalyst for renewable energy and carbon goals

The world is increasingly turning to renewable energy, and energy storage is key to making smart grids and renewable-rich energy systems work seamlessly. China’s top economic planner has emphasized that growing energy storage is a must for improving renewable energy use and achieving our carbon goals.

China’s Booming Energy Storage Future

While pumped hydro remains the go-to for energy storage, the rise of technologies like electrochemical storage is set to shake things up. Experts predict that by 2027, the global electrochemical storage market will surge to 1,138.9 GWh, growing at a compound annual rate of 61%. Wind and solar are expected to dominate renewable energy generation by 2050, capturing 72% of the market—a near doubling since 2020. China is at the forefront of this tech revolution, leading the world in energy storage research publications in 2021.

How Energy Storage Powers Up Efficiency

Energy storage is more than just a tech; it’s the backbone of smart grids and the energy internet. Here’s how it boosts our energy game:

• Smoothing the Bumps: Wind and solar power can be a bit unpredictable, causing headaches for grid management. Energy storage steps in, storing excess power and doling it out when the winds die down or the sun sets, making renewable energy integration a smoother ride.
• Distributed Power and Microgrids: Energy storage makes local energy systems and microgrids more reliable and flexible, paving the way for a shift from fossil fuels to cleaner energy sources—a crucial move for our carbon goals.
• The Energy Internet: Energy storage is the glue that binds the energy internet, enabling the smart management of different energy types and promoting flexible energy trading and distribution. It’s the foundation for new energy businesses, like distributed energy systems and electric vehicle charging networks.

In short, energy storage is a game-changer for energy system flexibility, renewable energy integration, and the energy internet. As technology advances and policies support its growth, energy storage is poised to play a starring role in the global shift to cleaner energy.