Connect with us

Hi, what are you looking for?

CleanTechnica
A new report from the World Bank has concluded that energy storage capacity is set to increase dramatically in emerging markets in tandem with and enabling greater renewable energy development.

Clean Power

Renewable Energy & Energy Storage To Expand Hand-In-Hand In Emerging Markets, Concludes World Bank

A new report from the World Bank has concluded that energy storage capacity is set to increase dramatically in emerging markets in tandem with and enabling greater renewable energy development.

A new report from the World Bank has concluded that energy storage capacity is set to increase dramatically in emerging markets in tandem with and enabling greater renewable energy development.

More specifically, the new report — which was authored by Navigant Research and commissioned by the International Finance Corporation (IFC), a member of the World Bank Group, along with the Energy Sector Management Assistance Program (ESMAP), a global knowledge and technical assistance program administered by the World Bank — predicted a 40-fold increase in the stationary energy storage capacity in developing countries by 2025, adding more than 80 gigawatts (GW) to the already 2 GW installed.

The report concluded that by 2020, “developing countries will need to double their electrical power output to meet rising demand” and that by 2035, “these nations will represent 80 percent of the total growth in both energy production and consumption.” Unsurprisingly, therefore, to meet these needs while also adhering to global emissions reductions targets, the authors of the report conclude that “a substantial portion of this new generation capacity will likely come from renewable sources.”

“Energy storage technology will be critical in the expansion of renewable energy in remote and rural areas that lack grid infrastructure or reliable electricity supplies,” said Philippe Le Houérou, IFC Executive Vice President and CEO. “By dramatically expanding the capacity to store energy, these technologies will help countries meet their renewable energy targets, support the demand for clean energy, and help bring electricity to the 1.2 billion people who currently lack access.”

According to the conclusions of the report, deployment of energy storage across emerging markets is expected to grow by 40% annually over the next decade.

The report predicts that the largest energy storage markets over the coming decade are likely to be China and India, thanks in large part to the tremendous renewable energy ambitions of those two countries. Latin America will also represent an attractive market for the development of energy storage, as several countries in the region are moving hard toward increasing their renewable energy capacity — including Mexico, Chile, and Brazil.

Projected Annual Stationary Energy Storage Deployments, Power Capacity and Revenue by Region, Emerging Markets: 2016–2025

The World Bank Group has made addressing climate change and supporting a transition to low-carbon growth a strategic priority, and expects the development of energy storage markets to be vital for countries to implement the Paris climate agreement.

“The World Bank Group is committed to creating the right environment to attract investment in the energy storage market,” said Riccardo Puliti, Senior Director and Head of Energy and Extractives at the World Bank. “Continued innovation in energy storage technology and financing are vital to empower countries to meet the climate-smart targets set in the Paris agreement.”

 
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica member, supporter, or ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

New Podcast: How NVIDIA Is Bringing Autonomy To Automakers

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

EV Press Releases

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Batteries

One of India’s leading renewable energy companies has secured approval to set up production facilities for solar cells and modules and lithium-ion batteries. ReNew...

Clean Power

India will soon issue tenders for production and procurement of hydrogen from renewable energy sources, India’s minister for renewable energy revealed. According to media...

Clean Power

Ending years of speculations about its listing at stock markets, one of India’s leading renewable energy companies — ReNew Power — has announced plans...

Clean Power

Indian wind energy generator Continuum Wind Energy is planning to issue its first green bond with backing from the International Finance Corporation. According to...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.