The World Bank Group has launched a new initiative aimed at scaling up energy storage technologies in developing countries.
The Energy Storage Partnership has been launched with 29 organisations to foster international cooperation to develop energy storage solutions tailored to the needs of developing countries.
The initiative complements a $1 billion World Bank Group investment towards the energy storage industry, announced in 2018.
The ESP will raise an additional $1 billion in concessional finance towards the development of new technologies and the adoption of existing solutions.
The ESP will foster international cooperation on:
- Technology research development and demonstration, applications
- System integration and planning tools
- Policies, regulations and procurement
- Enabling systems for management and sustainability
The project is expected to contribute towards reaching energy transition and climate change goals through expanding portfolios of renewables.
Increasing the amount of solar and wind will help decarbonise power systems, expand energy access, improve grid reliability and enhance the resiliency of grid networks
To date, the potential growth of the energy storage market in developing countries has not been fully leveraged, the battery market is driven by the electric vehicles sector which cannot provide long duration storage or withstand harsh climate conditions.
“The fast growth we’re seeing in the electric vehicle market is exactly what we need for energy storage in power systems around the world. We want to see batteries connected to the grid, serving mini-grids, and enabling much more use of renewable power from the sun and wind,” said Riccardo Puliti, Senior Director for Energy and Extractives, World Bank Group. “This is why we are convening the Energy Storage Partnership and we are honored to work with the partners who have joined this initiative. We’re looking forward to having more partners join the effort.”