Cop: Parties back battery storage, grids and H2 pledges

Market: Electricity, Hydrogen
15/11/24

Parties including the US, the UK, Germany, Brazil, the UAE and Saudi Arabia on Friday endorsed pledges on energy storage and grids, and low-carbon hydrogen put forward earlier this year by the UN Cop 29 summit presidency.

The pledges aim to increase battery storage capacity six-fold by 2030, from 2022 levels, and enhance energy grids, as well as unlock the potential for a global market for low-carbon hydrogen and its derivatives.

It is unclear how many countries have endorsed the pledges so far. Some government representatives, international energy agencies and private sector firms showed their support today to the Cop pledge aiming to enhance grid capacity through a global deployment goal of adding or refurbishing 25mn km of grids by 2030. The commitment also recognises the need "to add or refurbish an additional 65mn km by 2040 to align with net-zero emissions by 2050".

"Achieving the grid's target would require the build-up rate to increase by double," energy think-tank Ember said today, adding that the 1,500GW storage goal can be exceeded "significantly".

The battery storage goal is in line with what the IEA said is needed to meet the goal of tripling renewable energy capacity by 2030, while maintaining energy security. The commitment was taken last year during Cop 28 in Dubai. The IEA expects that most projects will be located in China and developed economies.

Delegates called for national targets for energy storage and power grids as well as for more energy connectivity and trade to be able to decarbonise countries faster and to support regional energy cooperation. "Cross-border energy in Asia Pacific remains mainly in bilateral contracts," said a representative from the region.

Parties highlighted the urgency to accelerate energy investment, with the International Renewable Energy Agency (Irena) calling for a new finance goal for developing countries — currently under negotiations — that reflects the need of financing these nations need to accelerate their clean energy expansion.

Clean energy investments in emerging and developing countries outside China have risen to $320bn in 2024, according to the IEA. But a representative from Egypt pointing out that over $1 trillion per year is needed for these countries' transition.

Saudi Arabia supported both of the pledges, while reiterating that natural gas storage and carbon and capture storage was needed to be able to guarantee stable energy with less emissions.

US energy secretary Jennifer Granholm said that the battery storage and grid pledges at the summit will set the tone at next week's G20 where she hopes countries set a similar target.

By Jacqueline Echevarria

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14/11/24

Latin America can harness energy transition: World Bank

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Guyana hires floating generators to avert outages

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Cop: Argentina pulls delegation from Baku

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13/11/24

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