Daily Newsletter

05 December 2023

Daily Newsletter

05 December 2023

Eleven countries sign on to BESS consortium at COP28

The consortium's members are targeting 5GW of BESS by the end of 2024 and creating a roadmap to reach their 90GW goal by 2030.

Surya Akella December 04 2023

A total of 11 countries, including India, Egypt and Kenya have joined the battery energy storage systems (BESS) consortium at the 2023 United Nations Climate Change Conference (COP28), being held in Dubai, UAE.  

Barbados, Belize, Ghana, Nigeria, Malawi, Mauritania, Mozambique, and Togo are also joining. The announcement was made by the Global Leadership Council of the Global Energy Alliance for People and Planet.

Through the consortium, the countries will set a goal of 5GW of BESS by the end of 2025. These systems are expected to be deployed by the end of 2027.

To reach the target of 400GW of renewable energy by 2030, 90GW in energy storage must be built.

The consortium's initial 5GW target will devise a roadmap to reach this longer-term goal.

BESS is a critical element in the deployment of renewable energy sources that are intermittent, such as sunshine, and can help increase grid reliability.

Renewable sources of energy with a combination of BESS are cheaper than fossil fuel power plants.

As a multi-stakeholder partnership, the BESS consortium can bring the benefits of energy storage to low and middle-income countries.

The consortium also pledged to mobilise $1bn in concessional finance, expedite project deployment, enhance the regulatory environment, build a market for BESS and open up commercial and public financing.

Among the consortium’s resource partners are the African Development Bank, Agence Française de Développement, the Asian Development Bank, GEAPP, the Inter-American Development Bank, the German Agency for International Co-operation and the World Bank.

Other partners include Africa50, AMEA Power, the COP28 Presidency, Infinity Power, Masdar, the National Renewable Energy Laboratory, Net Zero World, RMI and Sustainable Energy for All. More partners and countries are projected to join.

Vietnam also participated in the consortium’s launch, committing to a clean energy switch, and Indonesia has expressed significant interest in participation.

The participating countries, utilities and resource partners within the consortium will identify and co-develop investment packages to support BESS projects.

Norway's Prime Minister and Global Leadership Council co-chair Jonas Gahr Støre stated: “The Global Leadership Council was formed to expedite change and bring forward transformative initiatives that will cut emissions, create jobs and expand access to clean and affordable energy in low and middle-income countries.

“Three months ago, we committed to establishing the BESS Consortium, and already we have countries, resource partners and champions on board. This is only the beginning. We must continue to move at collective speed and scale.”

Battery Energy Storage market dynamics

Per GlobalData, the market for battery energy storage is estimated to grow to $14.89 billion in 2027, driven by several factors including, the fall in battery technology prices and the increasing need for grid stability and resilience of the integration of renewable power in the power market. Lithium-ion has eclipsed lead-acid as the primary technology for battery storage deployment.

Role of AI in the Power industry

The power industry is investing heavily in AI and ML to help decarbonize the energy sector, such as sensor-connected power plants and smart grids to balance electricity supply and demand. AI is driving measurable improvements in renewable energy forecasting, grid operations and optimization, the coordination of distributed energy assets, and demand-side management.

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