Analysis Finds National Energy Storage Targets Fall Short of Global Pledge

According to a recent analysis conducted by Ember, national energy storage targets for 2030 collectively fall 45% short of the 1,500-gigawatt global target agreed at COP29, despite rapid growth in actual installations.

The energy think tank says that currently, the national targets for different countries amount to 822 gigawatts of storage capacity. This total covers 99 countries and the EU. This marks an increase of 190% from the targets that were set during COP29. However, despite those ramped up targets, this capacity falls short of the total that was originally envisioned at COP29, which stood at 1,500 gigawatts.

One of the key reasons for this lag despite increases of targets by some jurisdictions is the concentration of increases in target ambition in the EU and China. The report says that the majority of the major markets for solar energy haven’t set any 2030 energy storage targets, and that is holding back the world from moving towards the global target set at COP29.

Ember says the lack of energy storage targets in many countries is a missed opportunity. This is because investment easily flows to countries that have clear national targets. In the absence of such targets, few investors will be motivated to direct their resources into such a market when there are alternatives that have clear targets and supportive policies.

The report provides the example of China, which has increased its 2030 energy storage target to 460 gigawatts in its recently published 5-Year Development Plan. The previous target had been 130 gigawatts. Such targets have motivated investment into the development of storage batteries and other related technologies because such a huge target creates a big domestic market for the products.

As industrial capacity expands to address the growing local market, manufacturers also produce for international markets, which is why China has such a stranglehold on the global market for energy storage systems. If more countries adopt ambitious targets, the knock-on effects would be monumental, Ember says.

The think tank also draws attention to the relationship between the solar industry and energy storage. The analysis found that the countries which had lofty targets for solar energy deployment also tended to have ambitious targets for energy storage capacity.

The report points out an anomaly of several major markets for solar energy that still don’t have targets for energy storage. Saudi Arabia, Germany and the U.S. are the most notable countries in this category. While the U.S. lacks a storage target, the country currently has about 52 gigawatts of utility-scale installations and more are being planned or are under construction.

It would be insightful to hear how firms like Tesla Inc. (NASDAQ: TSLA) that are major players in the energy storage industry in the U.S. are managing to undertake and complete projects in the absence of clear targets and the necessary policy, regulatory and planning support at the federal level.

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