Baku, 15 November 2024: Multiple nations have committed to the Global Energy Storage and Grids Pledge. The pledge, which was proposed by the COP29 Presidency, calls on governments and non-state actors to commit to a deployment target of 1,500 GW of energy storage, doubling grid investment and the development of 25 million kilometres of grid infrastructure by 2030.

H.E. Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan underscores: “At a decisive stage in the global climate and energy journey, Azerbaijan’s initiatives in global energy storage and grid infrastructure plays a crucial role in achieving global climate goals. This initiative creates a unique opportunity to accelerate clean energy development globally.”

“By enabling large-scale transmission, connecting remote high-potential energy sources with consumption centres, balancing supply and demand, and integrating substantial green energy capacities into the grid, Azerbaijan drives forward sustainable energy progress worldwide. COP29 calls on all of us to commit to these goals, strengthen our energy transition and climate action, and unite to build a sustainable future for our planet. Let us make COP29 a defining turning point and elevate our global climate and energy efforts to new heights,” Shahbazov added.

Julia Souder, CEO, Long Duration Energy Storage Council, and Chair of GRA, welcomed the announcement: “Today’s announcement of a global energy storage target of 1,500 gigawatts by 2030 marks a monumental leap forward in our collective efforts to accelerate climate action. This important target is not just a milestone; it’s a clear signal of our commitment to harness the full potential of renewable energy, ensuring a future where energy systems are flexible, reliable, and able to meet the evolving demands of consumers worldwide.

Our work with global leaders and change-makers will continue, advancing the critical role of long duration energy storage and championing its recognition within the upcoming Nationally Determined Contributions. Together, we will build future-proof energy systems with the benefits of long duration energy storage.”

To complement this storage target, the Long Duration Energy Storage Council envisages a need for LDES capacity – including power and thermal storage – of more than 1 TW by 2030 and up to 8 TW by 2040 to achieve net zero.”

The shift of energy generation to wind and solar is the fastest transition in history. In 2023 80% of additional net global generation capacity was solar and wind, growing at compound rates of 22% and 11% annually. This shift to variable renewable sources is good for reaching net zero targets, but it also means we need to be able to store the solar and wind energy when we have excess supply and then use it when we need it. If we do not have a means to store this fantastic amount of variable renewable energy, there is a very real risk of grids either having too much or too little supply to meet the changing demand through the day, the seasons, and indeed over time as we move to more electrification.

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.

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. The Australian National University has developed an atlas of over 600,000 potential off-river sites and if only 1 in 100 of these were viable there would be enough storage to make full use of wind and solar generation around the world several times over.”

Bruce Douglas, CEO, Global Renewables Alliance (GRA), welcomed the news: “Countries committing to global energy storage and grid targets today at COP29 send a strong market signal. It raises awareness and focuses attention on the need for extra flexibility in the power system. However, these global targets need to be urgently translated into national plans and local projects to keep the global tripling of renewables goal within reach.

The upcoming NDC updates offer a great opportunity for countries to include specific policies and enabling frameworks to help facilitate the required six fold increase in storage and doubling in grid investments by 2030.”

The shift to renewable energy is crucial for decarbonising energy systems, supporting greater grid reliability and resilience, and strengthening energy security, but doing so necessitates new flexible energy sources.

Read more about the importance of this pledge here.