Energy Storage
This sector is an emerging industry
How we define it
The Energy Storage sector includes electrical, mechanical, and electrochemical storage; hydrogen fuel cells and associated storage; and thermal energy storage devices.
Why it matters
Reliable and expanded power supply: Renewable power sources like wind and solar are inherently variable. Adding large-scale energy storage is critical to displacing traditional power with renewables and increasing the capacity of the grid to electrify building heating, green hydrogen production, and transportation. To achieve a 100% renewable power grid, utility-scale battery systems will need the capacity to store energy for hours to mitigate daily peak power demand and days or weeks of energy to manage seasonal power demand fluctuations.
Cleantech adoption: Better energy storage technology enables the market adoption of other cleantech, such as electric vehicles in the New Mobility sector. However, technology challenges for lithium-ion batteries need to be addressed, including energy density, catalyst technology, capacitance degradation, safety, power capacity, and cost. Lower-cost fuel cells will require improvements such as better catalysts and lower-cost solid electrolyte assembly.
Metrics
Project Drawdown
This sector contributes to 3 Project Drawdown solutions and the reduction/sequestration of 18.6 - 23.96 gigatons of carbon equivalent (2020-2050).
Drawdown Solutions: Concentrated Solar Power, Distributed Energy Storage, Utility-Scale Energy Storage
Key GRI Environmental Standards
Sustainable Development Goals Target 7.b, Target 9.4
