Energy Transition: COP29 sees multiple nations commit to global energy storage, grids pledge

November 25, 2024

By Samuel Ogunsona

The COP29 Global Energy Storage and Grids Pledge has gained momentum, with multiple countries and non-state actors committing to clear targets for 2030.

The pledge, proposed by the COP29 Presidency, calls on governments and non-state actors to commit to a deployment target of 1,500 GW of energy storage, doubling grid investment, and the development of 25 million kilometers of grid infrastructure by 2030.

H.E. Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, underscored the importance of the initiative. “At a decisive stage in the global climate and energy journey, Azerbaijan’s initiatives in the global energy storage and grid infrastructure play a crucial role in achieving global climate goals.

“This initiative creates a unique opportunity to accelerate clean energy development globally.”

Shahbazov added, “By enabling large-scale transmission, connecting remote high-potential energy sources with consumption centers, balancing supply and demand, and integrating substantial green energy capacities into the grid, Azerbaijan drives forward sustainable energy progress worldwide.

“COP29 calls on all of us to commit to these goals, strengthen our energy transition and climate action, and unite to build a sustainable future for our planet.”

Julia Souder, CEO of the Long Duration Energy Storage Council, and Chair of GRA, welcomed the announcement. “Today’s announcement of a global energy storage target of 1,500 gigawatts by 2030 marks a monumental leap forward in our collective efforts to accelerate climate action. This important target is not just a milestone; it’s a clear signal of our commitment to harness the full potential of renewable energy, ensuring a future where energy systems are flexible, reliable, and able to meet the evolving demands of consumers worldwide.”

Eddie Rich, CEO of the International Hydropower Association, and Vice-Chair of GRA, commented, “A lack of long-duration energy storage has, until now, been the ignored crisis within the current energy crisis.

“This is the first time world leaders have recognized the need for a mix of renewables, rather than just volume.”

Bruce Douglas, CEO of the Global Renewables Alliance (GRA), welcomed the news. “Countries committing to global energy storage and grid targets today at COP29 send a strong market signal. It raises awareness and focuses attention on the need for extra flexibility in the power system.”