Storage seen as key in COP21 talks

COP21 2015: We analyse what participants at the Paris Climate Conference are saying about climate change and energy storage, and how it will affect global industry investment. Photo credit: COP21

COP21 2015: We analyse what participants at the Paris Climate Conference are saying about climate change and energy storage, and how it will affect global industry investment. Photo credit: COP21

By Jason Deign

Energy storage looks set to benefit from increased funding worldwide if leaders make good on pledges at the 21st Conference of Parties (COP21) this week.

Up to USD$30 trillion in investment could be freed up to fight climate change in what has been hailed as the “end of the fossil era.”

The money would be needed to improve renewable energy penetration to reach the Intended Nationally Determined Contributions (INDCs) being presented at COP21.

An initial $20bn or so in funding for renewable energy innovation, including storage, was announced on Monday when the Breakthrough Energy Coalition, a group of 30 or so major investors, joined the fight against climate change.

Elsewhere, energy storage was specifically cited as an investment target for “tens of billions of dollars” by White House sources at the COP21 talks in Paris.
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