The World Bank Battery Energy Storage Acceleration Investment Program
Author: Source: Datetime: 2018-10-06 12:35:34
The World Bank Group pioneered a new program to help accelerate investment in battery energy storage, enabling medium-income countries and developing countries, including some of the world's fastest-growing economies, to deploy cost-effective battery energy storage systems on a large scale.
Battery storage can store electrical energy for emergency use, thereby expanding the use of wind and solar energy.
The program is expected to raise another $4 billion to help countries move into a new era of energy technology, improve energy security and grid stability, and promote global efforts to transition to clean energy.
The global energy landscape is undergoing a major shift. The attractive costs of solar and wind energy, as well as new innovations such as floating solar and solar roofs, are making clean energy a pressing proposition in many countries and improving the global outlook for combating climate change.
In 2016, renewable energy, including solar and wind, contributed nearly 165 GW of electricity to the grid, accounting for nearly two-thirds of the world's net new generation in 2016. Renewable energy generation capacity is expected to increase by more than 920 GW between 2017 and 2022.
However, although solar and wind energy are beginning to gain more and more use, there is no extensive solution to store the electricity they produce in case of emergency. Energy storage – especially batteries – can help solve this problem.
However, battery technology is expensive and has not been widely used in large projects. This gap is particularly evident in developing countries where wind and solar potential is huge, energy demand is growing, and large numbers of people lack reliable and affordable electricity supplies.
To close this gap, the World Bank Group launched a new program.
“Accelerating Battery Energy Storage for Development” is a pioneering, new global initiative to accelerate the deployment of energy storage systems for energy systems in developing and middle-income countries, and is expected to help countries expand their renewable energy use and improve Grid stability helps to span new generation energy technologies.
At the "One Planet" summit in New York, World Bank President Kim Min Jong announced that the World Bank Group pledged to provide $1 billion in funding for the program. The Bank will also raise $1 billion through the Concessional Climate Fund (CTF) and at least $3 billion from the public and private sectors. The goal is to fund 17.5 GWh of battery energy storage by 2025, which is more than three times the total installed capacity of 4 to 5 GWh in all developing countries.
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