Battery storage is a critical component for a path to 100% renewables, though the boom happening in storage industry has taken some by surprise (as outlined in a Bloomberg NEF Report).
- Energy storage industry needs more than $650 billion in investments over the next 20 years
- Widespread use of renewables & falling costs for lithium-ion batteries translates into a storage boom
- Global battery capacity expected to go from 9GW today to more than 1,000GW by 2040
Path to 100% Perspective:
Widespread renewable energy production combined with the declining cost for batteries (and the growing capacity to deploy them) translates into a global storage sector that should see investments of more than $650 billion through 2040. The economic result of this is self-evident: companies eyeing long-term profits & predictability are already lining up to build “hybrid renewable projects” (solar-and-storage & wind-and-storage) from Arizona to Texas and beyond.