Are we on track to meet energy storage targets?

The amount of energy storage needed to meet net-zero targets is around 600GW by 2030, according to Pritil Gunjan, director at Guidhouse Insights.

"Based on the research we have done so far it will be very difficult to hit even 500GW at the rate that we are progressing..."

Gunjan explains that due to the amount of renewables coming online, there is a lot of work to do, especially around addressing pricing, policy, technology, investment and project bankability.

To increase the deployment of grid-scale storage, it will take a lot of careful orchestration, she adds.

"What we need to really drive this industry is the rate of public and private investments...enough R&D exposure, enough subsidies and policies that can support energy storage."

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There are approximately 8000 projects in the storage space globally, she says, with many situated in the UK, US, China and Australia. The US Inflation Reduction Act has also helped spur investment.

In Europe, however, a lot more needs to be done in the policy space, says Gunjan, "hopefully we will see a lot more projects coming into the planning and operational phases soon".

While incremental steps have been taken to get more storage online, Gunjan emphasises the need to address permitting and grid connection, as key challenges hindering progress.