At the United Nations Climate Change Conference (COP 29) in Baku, Azerbaijan, world leaders have pledged to a bold target of deploying 1,500 gigawatts (GW) of energy storage and modernising the global grid by 2030. This goal represents a more than six-fold increase from current energy storage levels, signalling a significant push toward a decarbonised and resilient global energy system.
The resolution, signed during the COP 29 summit on November 11-12, 2024, underscores the critical role of energy storage and grid infrastructure in supporting the global transition to clean energy. Energy storage technologies are essential to improving grid stability, integrating renewable energy sources, and enhancing energy security. In contrast, modernised grid infrastructure is necessary to optimise the deployment of energy storage solutions.
Critical Elements of the Declaration
The global energy storage target of 1,500 GW by 2030 highlights a gap between current projections, which estimate only 650 GW of storage by the decade’s end, and the need for a significant scale-up to meet climate goals. As electrification and renewable energy generation continue to rise, expanding energy storage capacity will be vital to managing peak demand, stabilising grid systems, and improving energy security.
Among the main elements of the pledge are:
1. Advancing Energy Storage Technologies: The resolution highlights the transformative potential of energy storage technologies, including batteries, pumped hydro, and hydrogen. These technologies will support the integration of variable renewable energy and improve grid reliability. Battery costs have dropped by over 90% in the last 15 years, making energy storage more cost-effective than ever.
2. Grid Infrastructure Investment: Substantial investments in grid infrastructure are necessary to complement energy storage. The International Energy Agency (IEA) estimates that 65 million kilometres of new or refurbished grid infrastructure** will be needed by 2024 to align with global net-zero emissions goals by 2050. The COP 29 summit aims to increase grid investments to meet these ambitious objectives.
3. Policy and Regulatory Support: The resolution calls for policies and regulatory frameworks that support the widespread adoption of energy storage while addressing barriers such as double taxation and planning bottlenecks. It also emphasises the importance of integrating storage solutions into national grid planning and operations, particularly for remote and island communities.
4. Global Collaboration and Technology Deployment: COP 29 encourages international cooperation to promote technology development, improve storage efficiency, and support the deployment of diverse energy storage solutions. These efforts will include exploring alternative battery chemistries, expanding recycling programs, and enhancing supply chain resilience.
Expanding Grid Capacity
The resolution also emphasises the need to enhance global grid infrastructure to accommodate the growing share of renewable energy. The leaders committed to a target of 25 million kilometres of grid expansion or refurbishment by 2023, recognising that the IEA has identified the need to add 65 million kilometres by 2024 to ensure grid resilience and integration of clean energy.
Key commitments for grid modernisation include:
1. Increasing Grid Capacity: Leaders pledged to increase investments in grid transmission and distribution systems, incorporating grid-enhancing technologies such as High-Voltage Direct Current (HVDC) transmission to improve efficiency and reduce power losses.
2. Regional Integration: The summit encourages the integration of electricity systems across borders and regions to enhance energy security, boost access to clean energy, and reduce bottlenecks in grid connections.
3. Supporting Renewable Integration: Efforts will be made to eliminate the backlog of renewable energy projects waiting to be connected to the grid by strengthening grid infrastructure and investing in digital solutions.
4. international Cooperation: The resolution calls for partnerships with international financial institutions, governments, and private sector actors to address the challenges of cross-border interconnections and accelerate grid modernisation efforts.
A Global Effort to Tackle Climate Change
The global goal of 1,500 GW of energy storage by 2030 and the modernisation of electricity grids are key steps toward realising net-zero emissions by 2050. The energy storage and grid investments outlined in the COP 29 pledge are designed to support the large-scale deployment of renewable energy, optimise grid reliability, and secure a cleaner, more resilient future for communities worldwide.
As world leaders move forward with these commitments, the collective ambition to create a clean, affordable, and secure energy future will shape the global response to climate change in the coming decade.