Driving to Net Zero Industry Through Long Duration Energy Storage
LDES technologies paired with renewables are a viable, cost-efficient and readily applicable option for industrial decarbonization, as observers consider these technologies “An embarrassingly simple solution for industrial emissions.”
Moreover, long duration energy storage technologies are already being piloted by blue chip industrial firms, as they are impatient to decarbonize now and LDES gives them this opportunity.
WHAT AND WHY OF LDES
Long Duration Energy Storage is the technology that enables renewable energy to power our grids and accelerate carbon neutrality. Through long duration energy storage we can transition towards renewable energy in an affordable, reliable and sustainable way. Wind, solar and other renewables are becoming the lowest cost forms of generation but need storage to match supply with demand. Consumer demand means that peaks in the morning and evening need to be met by extra supply. Today we meet the imbalance in supply and demand by still burning fossil fuels. Now is the time to use flexible long duration energy storage to achieve net carbon neutrality. The world’s electricity grids will need to deploy 8 TW of long duration energy storage by 2040 with a market potential of USD 4 trillion.
The need to ensure an affordable, reliable, clean energy system has been exacerbated by recent challenges in the energy sector, which have increased the prominence of energy security on global agendas. Incorporating LDES can help increase the security of supply and create new use cases for renewable energy. LDES can also unlock new opportunities that are not thoroughly addressed by shorter-duration storage solutions. Examples include: helping increase the share of renewables in the energy mix, providing resilience to unreliable grids at long durations (like at isolated or off-grid locations), enabling cost-efficient 24/7 renewable power purchase agreements (PPAs), or providing stability services to the grid.
LDES Council Overview
The Long Duration Energy Storage Council is a global nonprofit advancing decarbonization by facilitating the accelerated deployment of long-duration energy storage. The executive-led organization convenes members, publishes research, and serves as an advocate to advance the goals and objectives of the energy companies, equipment manufacturers, financial institutions, and technology innovators it represents.
The LDES Council is made up of organizations that strive to accelerate decarbonization of the energy system at lowest cost to society by driving innovation, commercialisation and deployment of long duration energy storage. Members include:
Innovators developing and commercializing Long Duration Energy Storage systems.
Law firms, EPCs, and other industry-leading organizations supporting the energy transition.
Industry-leading companies or organization with a strong interest in the energy transition and Long Duration Energy Storage either as an end-user or a capital provider.
The EU has announced their 2040 climate goals which includes plans to cut greenhouse gasses by 90%.
Julia Souder, CEO of the Long Duration Energy Storage Council comments: “Following a year of record temperatures showing the realities of the climate crisis across Europe we welcome the establishment of the 90% greenhouse gas emissions reduction 2040 target."
Solar and LDES: Critical Partners to Ensure 24/7 Reliable Renewable Energy
Combining solar energy with long duration energy storage paves the road to industrialization without carbonization for the world’s fastest growing economies. The targets for solar energy are clear, with 75,000 gigawatts of generating capacity to be installed by 2050. Funding pathways to reach these estimates are also clear — if not mired in the politics of fossil dependence. However, these solar installations will not yield full decarbonization without the means to store the electricity they generate for long durations. Developed economies are beginning to take steps to encourage long duration energy storage development and deployment, but it is in the rapidly growing economies around the globe where long duration energy storage — combined with solar — may be most effective.
COP28 pledge on tripling kicks off massive scale up of renewable energy - but action and accountability must now match this ambition
The pledge to triple global renewable energy capacity by 117 countries by 2030 is an historic milestone in the drive to limit global temperature rise to 1.5°C. However, it now requires transformational action in every region of the world to deliver the fundamental shift in the global energy system that is needed. Governments must immediately focus on agreeing unambiguous language in the negotiated outcome text of COP28 and establish a forum for holding governments accountable, which will deliver the market signals to unlock investment.