At COP28, Parties agreed to commit to tripling of global installed renewable power capacity to at least 11,000 gigawatts (GW) and double the global average annual rate of energy efficiency improvements from around 2% to over 4% by 2030. This Global Energy Storage and Grids Pledge, builds on this commitment by integrating the crucial role of energy storage and grid expansion as the cornerstone of a resilient, decarbonized energy system. To sustain that effort and contribute to achieving the Paris Agreement’s target of keeping the increase in global average temperature to well below 2°C and pursuing efforts to limit it to 1.5°C, a robust storage and grid infrastructure is essential to mitigate the variability of renewables and enhance grid reliability and stability. It also gives flexibility in managing peak loads and thus effectively promotes cost-effective power grid infrastructure upgrade and makes the overall grid infrastructure more resilient. In addition, energy storage and grid infrastructure are inherently interdependent, with storage technologies enhancing the ability of grids to integrate intermittent renewable energy, stabilize supply and ensure energy security, while grid expansions and modernizations are necessary to maximize the deployment and efficiency of energy storage technologies.
