BAKU, Azerbaijan, Feb.24
By Leman Zeynalova - Trend:
While solar and wind can displace carbon-emitting forms of energy supply, storing energy will be critical when renewable generation is not prolific, Trend reports citing Wood Mackenzie research and consulting company.
“Energy storage can play a role in balancing supply with demand on the electric grid and opportunities for behind-the-meter (BTM) residential and non-residential energy storage are growing,” said the company, adding that cost management has been a key driver for BTM applications globally, including in Australia, South Korea, Japan and the Philippines.
At the same time, as Wood Mackenzie said, the drive towards renewable technologies, including energy storage, cannot happen without the necessary investment.
“Massive investment from international development entities, such as the World Bank and the Asian Development Fund, have already begun reshaping the relationship between finance and cleantech and this is quickly moving into the private sector. Blackrock expects a fundamental reshaping of finance and decided to end investment in thermal coal. The company also redesigned its investment strategy and put sustainability front and centre,” said the company.
“Storage has emerged as a potential focal point for the focus on sustainability, with significant investment from a new multi-billion renewable energy fund set to flow into the storage space.”
As the decade progresses and further incentives accelerate the energy storage market, the dynamic of the industry pushing stakeholders to recognise the technology for its potential will quickly flip, says Wood Mackenzie.
“Stakeholders are already pulling, rather than being pushed, and turning to storage rather than being forced to consider it. The timing and speed of this push/pull shift and the speed with which the industry can react will define its potential.”
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