houseoffunfreespins2022| Battery and energy storage industries, please keep your ears up! G7 countries plan to increase the scale of global power storage sixfold

Financial Associated Press, April 27 (editor Shi Zhengcheng) starting from Sunday, the ministers of energy and climate of the G7 countries will gather together. According to the draft document obtained in advance by the media, what the ministers are going to talk about next also has an impact on the capital markets.

The meeting is also the first time energy ministers have met since the United Nations climate conference in December. At a meeting in DubaiHouseoffunfreespins2022They agreed to double energy efficiency and triple renewable energy capacity by 2030.

Face the core pain point of new energy

The rapid development of renewable energy in recent years has also made mankind see a feasible way to replace fossil fuels, but there are still significant problems here-renewable energy generated by photovoltaic and wind power is completely "looking at the sky". Once the sun does not show its face and the wind does not blow, there will be problems with the security of energy supply.

So to avoid intermittent "no electricity" after the energy transition, the G7 countries are promoting a global goal. According to the draft document of the meeting, G7 climate ministers "agreed in principle" to set the global energy storage capacity at 1500 gigawatts in 2030, more than six times the 230GW in 2022.

Ministers proposed using batteries, hydrogen, water or other means to store electricity, according to the document.

According to a G7 government official involved in the negotiations, the energy storage target is a good solution and shows that countries are taking the Dubai deal seriously. The purpose of energy storage is to store renewable energy in ways such as batteries when producing excess electricity and release it when necessary.

It is reported that countries are still engaged in intense discussions on a number of controversial areas such as coal, energy efficiency and methane targets.

Taking the coal issue that has not yet been agreed upon by countries as an example, the draft mentions that countries should phase out coal-fired power plants that fail to implement "carbon capture" as soon as possible after 2035. The United States announced new rules on Thursday requiring coal-fired power plants that plan to continue operating in the country after 2039 to capture or cut carbon dioxide emissions by 90 percent by 2032. At the same time, Japan is particularly opposed to the move to phase out coal.

Another controversial goal in the draft is to push the world's richest countries to stop subsidies for overseas fossil fuel development, the largest source of public funding in the sector. Under the framework of the OECD, the United States and the European Union disagree on banning the organization's countries from providing export credits and guarantees for oil, gas and coal mining projects.

Batteries are often mentioned.

According to the draft document, G7 countries will "promote the development and deployment of static battery storage to improve storage efficiency and reduce storage costs" and "encourage diversified, sustainable, secure and transparent battery storage supply chains".

The International Energy Agency also said this week that the "rapid expansion" of batteries is critical to achieving COP28's energy goals. The agency had also expected batteries to account for 90 per cent of the increase in energy storage in the future.

The agency's research found that batteries grew faster than almost all other clean energy technologies in 2023. At the same time, battery costs have fallen by more than 90% over the past 15 years, the fastest of all clean energy.