The energy landscape is rapidly evolving, and with a pivotal shift towards sustainable and efficient energy systems, a new global consortium is making headlines. The upcoming UN climate change conference in the UAE will witness the introduction of a global consortium focusing on battery energy storage systems (BESS).
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Key Highlights:
- Formation of the Consortium: The Global Energy Alliance for People and Planet (GEAPP), an initiative brought to life by significant partners like the Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund, will unveil the Global BESS Consortium at the UN COP28 meeting.
2. Primary Objective: Spearheaded by figures like Ashvin Dayal from the Rockefeller Foundation, the consortium’s aim is to revolutionize the BESS market. Their goal is to enhance the value for power distribution companies by adopting battery storage and simultaneously reducing the associated costs.
- Consortium Composition: The collaboration is not just limited to a few foundations or companies. The consortium is a melting pot, consisting of countries, battery energy companies as technical partners, and multilateral development banks as financial backers.
- Technical Collaboration: One of the most significant steps within the consortium will be the formation of a technology supply task force. This task force will work closely with battery energy tech suppliers to gauge and assess the BESS market potential across countries.
5. Future Impact: With an ambitious target of setting up approximately 90-100 GW capacity of battery storage in nearly 20 developing countries over the next 7 to 10 years, the consortium is poised to make a considerable impact.
Delving Deeper:
The commitment of the consortium can be traced back to the $10 billion investment by GEAPP at COP26 in 2021. Its focus? Transforming energy systems in key regions like Africa, Asia, Latin America, and the Caribbean.
India on the BESS Front:
India has been a forerunner in promoting battery energy storage systems. As of 13 March 2023, the country’s battery energy storage capacity stands at 39.12 MWh. Further solidifying its stance, India has released guidelines and financial support, making it a beacon for BESS initiatives. In fact, GEAPP has grand plans for the country. The alliance is set to invest around $100 million in India in the ensuing years. One of the notable projects to look out for is the 20 MW BESS pilot in Delhi.
In Conclusion:
The formation of the Global BESS Consortium is not just about introducing new technology. It’s about changing the way we perceive energy storage and distribution. With the concerted efforts of countries, financial institutions, and tech partners, the BESS initiative promises a brighter and more sustainable energy future for all. The next few years will be crucial as the consortium begins its journey, and the world will be eagerly watching.
