This year’s UN climate change conference, dubbed COP26 and running Oct. 31 through Nov. 12, 2021. With the climate crisis at its worst, policymakers are under significant pressure to turn things around. Various issues will be discussed during the climate change conference, including the establishment of an international carbon market and the reduction of the use of coal.
Energy storage will enable renewable energy to replace fossil fuels globally, which makes it essential. However, discussions on storage technologies such as batteries may not be covered during this annual event. This is a bit worrying, especially if one considers the fact that the generation of renewable energies can’t scale without the presence of energy storage.
Battery storage will play a key role in the transition to renewables. Below, we look at why the year’s climate change conference is the best place to include it in the net-zero conversation.
Time to avoid climate catastrophe is running out.
A significant change needs to be made to the global energy infrastructure if we plan to hit net zero in the little time we have left. The latest New Energy Outlook report by Bloomberg found that in order to reach net zero by 2050, energy-related global emissions need to decrease by 75% before 2040. This will require a huge transition to renewable energy, which means that we will need to solve issues such as grid intermittency and find reliable ways to store renewable energy.
To do so, significant new renewable infrastructure will be needed — and fast. Forecasts show that for this to be achieved, roughly $15 trillion needs to be invested into the market globally. Given that most of the technology required to reach net zero is already available, this plan is feasible, but only if energy policy can catch up.
Some countries have the potential to eliminate the use of coal.
The generation of renewable energy and energy-storage solutions are economically viable, which affords developing countries an opportunity to phase out the use of coal. Developing countries had, for lack of better options, to use gas in the past while renewable energy generation was still in its early stages of development. Now that the technology has advanced considerably, these countries have the option of using renewable energy.
Choosing to use renewable energies would not only accelerate global transition to net zero but also allow the countries to be more self-reliant when it came to energy generation.
Now is the time to take action and make a change; otherwise, it will be too late to do anything in a few years. So if not now, when? Entities such as StorEn Technologies Inc. are bringing to market reliable redox flow battery-storage chemistries, and it is high time world bodies took note by coming up with enabling policies.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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