COP29: Energy storage and power grids pledge gets launched to support renewables target

The UN Climate Change Conference presidency has launched the COP29 Global Energy Storage and Grids Pledge, seeking country endorsements for a significant acceleration in infrastructure to support COP28's target to triple renewables by 2030.

Hosting a high-level green energy roundtable Nov. 15, the COP29 presidency called on stakeholders to endorse three initiatives (storage and grids; green energy zone and corridors; and a hydrogen declaration) supporting last year's Global Stocktake on renewable energy and hydrogen.

Those who sign into the storage and grids pledge would "commit to a collective goal of deploying 1,500 GW of energy storage globally by 2030 -- more than six times the capacity of 2022.

It also includes a commitment to add or refurbish 25 million kilometers of grids globally by 2030, recognizing the need to add or refurbish an additional 65 million kilometers by 2040," the presidency said.

However, it did not say how many parties had signed the pledge.

The Global Renewables Alliance urged more countries and non-state actors to participate, noting official backing from the UK, Uruguay, Belgium and Sweden.

2030 forecast falls short

Analysts at S&P Global Commodity Insights forecast 2030 energy storage capacity to reach 1,100 GW, including battery and longer duration technologies like pumped storage.

Focusing on global grid-connected energy storage installations, some 650 GW were forecast for 2030.

Annual additions for front-of-meter batteries are set to exceed 50 GW for the first time this year, up 34% on 2023, Commodity Insights analysts said in a September report.

Annual additions would rise to 100 GW in 2027, with Chinese demand accounting "for more than 50% of demand throughout the forecast [to 2030]," the report said.

Platts, part of S&P Global Commodity Insights, last assessed Lithium Carbonate CIF North Asia at $10,200/mt Nov. 14, down from levels around $80,000/mt in November 2022, during COP27.