Battery investment critical to Paris target
Battery technologies could reduce emissions in the transport and power sectors by 30%, according to a World Economic Forum report. The reduction is said to be enough to hit the 2°C Paris Agreement target.
“Finding and popularising low-carbon energy sources has rapidly become a global priority, GlobalData power technology writer Scarlett Evans said.
“Presenting a case for battery investment, the [World Economic Forum] report identifies the industry as possibly ‘the most significant’ intervention in meeting the Paris temperature targets and, if coupled with other technologies, capable of setting a course to achieve the 1.5°C goal,” she said.
“The stage is set for batteries to see widespread adoption, and it seems the industry is at a tipping point in ensuring the benefits of this green energy alternative are reaped.”
According to the report, the global battery value chain will need to expand 19-fold, which is estimated to cost $550 million in investments over the next 10 years.
“Left to its own devices, the current battery value chain could not create these important benefits,” Global Battery Alliance co-chair Benedikt Sobotka said.
“A significant scale-up is required to create a much more sustainable, responsible value chain.”
Sobotka explained that batteries are key to decarbonising road transportation and supporting the transition to a renewable power system.
“A strong momentum is in motion,” he said. “However, unless appropriate action is taken, our collective ‘carbon budget’ may be used up by 2035 and decarbonisation may come too late.
“Collaboration among a plethora of sectors including businesses, governments, academia, NGOs and civil society is needed in order to unlock batteries’ significant socioeconomic potential.”
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