The International Energy Agency highlights a sharp increase in battery capacity needed to meet renewable energy goals, amid innovations in sodium-ion batteries and challenges in the global electric vehicle market.
The International Energy Agency (IEA) has reported a significant increase in battery deployment in the electricity sector with a 130% boost in capacity last year, emphasizing the need to accelerate the global rollout to meet renewable energy targets. By the decade’s end, about 1,500GW of battery storage will be required globally. The IEA pinpointed cost reductions and diversified supply chains as critical factors for sustaining this expansion.
In related developments, scientists at Korea Advanced Institute of Science and Technology (KAIST) have innovated a sodium-ion battery that charges in seconds. This battery surpasses traditional lithium-ion batteries in terms of cost, safety, and abundance, potentially revolutionizing energy storage systems. It combines battery and supercapacitor materials, significantly improving energy and power density.
Meanwhile, Equinor, a Norwegian energy company, is facing shareholder criticism for expanding fossil fuel production despite its net-zero by 2050 pledge. UK-based Sarasin & Partners has expressed concerns, requesting Equinor to realign its strategies to meet the Paris Agreement goals.
On the technological front, the surge in electric vehicle (EV) adoption is transforming the automotive sector. In China, nearly 40% of new cars sold are electric, and the IEA forecasts that EVs will represent a fifth of global car sales this year. As EV adoption increases, so will the demand for electricity, necessitating strategic planning for the electric infrastructure.
These developments highlight significant advancements and challenges in the realms of renewable energy, battery technology, corporate environmental responsibility, and global EV market dynamics.