A report launched at the recent London Climate Action Week is calling for an accelerated deployment of stationary energy storage systems. Titled “Navigating the investment case for co-located long-duration energy storage: Delivering 3x Renewables by 2030,” the brief noted that scaling up LDES technologies is critical to fully unlocking the potential of renewables such as wind and solar energy.
The brief was issued by the World Business Council for Sustainable Development (WBCSD) alongside Environmental Resources Management (ERM) and other leading companies in the energy industry. It stresses the importance of incorporating energy storage facilities into clean energy to ensure renewables can provide a reliable and consistent source of energy.
Unlike fossil fuels, renewables are intermittent in nature, and typically reach peak production under specific conditions or during certain times of the day. For instance, solar panels will be the most effective on bright cloudless days and produce zero energy at night, which is when household energy consumption spikes. LDES technologies can store clean energy that’s produced during peak generation hours and release it into the grid when production is down but demand has peaked, ensuring a reliable supply of clean energy.
As countries like the U.S. step up their renewable infrastructure deployments, investing in and scaling up energy storage will be key to ensuring that they can take full advantage of their renewable energy reserves. LDES solutions can help renewable energy producers stabilize their energy output and allow the grid to adapt to variations in green energy demand and supply.
However, the renewable energy industry will have to overcome several challenges as it deploys long-duration energy storage infrastructure. Some of the challenges that are slowing down LDES technology roll-out include grid connection issues, regulatory uncertainty, limited financial incentives, and complicated permitting procedures. Without robust policy support and clear models for revenue, many businesses have had a difficult time scaling up their LDES infrastructure.
According to the report, stakeholders will have to adapt how they approach energy storage and start seeing it as a core determiner of success in the renewable energy industry, rather than a pricey add-on. Ensuring that these energy storage facilities are located close to or in the same facilities as renewable energy projects will also reduce variability in solar and wind power, and ensure that these projects provide customers with a steady supply of clean energy.
Also called co-locating, this strategy will help countries develop grid resilience and allow them to fortify their energy systems against future shocks. The report is calling on policymakers, financial institutions, and businesses to be bold in their efforts to scale up LDES technologies. Pairing robust energy storage with renewables is essential to cutting emissions at scale and meeting national carbon neutrality goals. Without it, the clean energy transition will remain incomplete.
Companies like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) could seize the opportunity presented by the growing demand for long duration energy storage systems as the adaption of renewable energy ramps up.
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