Flexible energy transition gets boost as over 58 nations back global storage and grids targets
Over 100 countries and organisations have already committed to COP29 Global Energy Storage and Grids Pledge
Brussels/London, 11 December 2024: The COP29 Global Energy Storage and Grids Pledge has gained the support of 58 countries, including major players from all continents like Brazil, Kenya, the USA, Ukraine, Pakistan, Morocco, Uruguay, Congo, Peru, Venezuela, Malaysia, Korea, Singapore, New Zealand, numerous European countries, and dozens of organisations. These signatories are taking the lead in implementing the ambitious target of tripling renewables agreed at COP28, with action-oriented goals for grids and storage set by the COP29 Presidency: deploying 1,500 GW of energy storage, doubling global grid investments, and developing 25 million kilometres of grid infrastructure by 2030.
This marks the first time that energy storage and grids have been officially acknowledged as vital components for a successful energy transition. They are essential for providing the flexibility needed to achieve the tripling of renewables targets, turning ambition into action.
While the support of the pledge is a significant step toward delivering the global commitment to tripling renewables, wider participation is required to fully unlock the potential of renewable energy and ensure energy security for all. With COP30 on the horizon, industry leaders are calling for further endorsements and translation of these targets into actionable national plans.
Bruce Douglas, CEO of the Global Renewables Alliance, welcomed the global pledge but emphasised the need for concrete action to implement the targets: “Having grids and storage in the international spotlight for the first time is a monumental step forward. It’s a sign that the world is recognising the critical role of flexibility in delivering energy security for future generations. The over 100 countries and organisations that have signed this pledge are setting the standard as leaders and champions of this vital agenda, and their commitment should inspire others to step up, endorse the pledge, and take decisive action to meet these targets."
Douglas also highlighted the importance of finance in developing economies to deliver on the targets: "Mobilising public and concessional finance is crucial to unlocking private investment in the regions that hold the greatest potential and the largest needs. Without this, the world risks falling short of its commitments and leaving developing economies behind.”
Julia Souder, CEO Long Duration Energy Storage Council, recognised the importance of the pledge and commitments so far. “This marks a monumental leap forward in our collective efforts to accelerate climate action. These countries are sending a clear signal of their commitment to harness the full potential of renewable energy, ensuring a future where energy systems are flexible, reliable, and able to meet the evolving demands of consumers worldwide.”
“To complement this storage target, the Long Duration Energy Storage Council envisages a need for LDES capacity – including power and thermal storage – of more than 1 TW by 2030 and up to 8 TW by 2040 to achieve net zero,” Souder added.
Eddie Rich, CEO 鶹Ƶ commented: “COP29 was the first time world leaders acknowledged that the climate transition is not just about renewables volume, but also about the right mix and systems. These global targets need to be urgently translated into national plans and projects to keep net zero within reach. Pumped Storage 鶹Ƶ currently provides 90% of the world’s energy storage. It’s clean, dependable, delivered at scale, and lasts for a long time. But it takes time to build. Long term energy plans are needed urgently, driving investor confidence through policy frameworks to encourage them. 鶹Ƶ, with our partners in the Global Renewables Alliance, will be looking for clear actions within NDCs in the coming months that take this agenda forward and will support them through the Global Alliance for Pumped Storage (GAPS) launched during COP29.”
Marcus Stewart, Head of Secretariat at the Green Grids Initiative, praised the leadership of the signatories: "These countries are setting the pace for ensuring clean energy access for all. Their commitment to expanding grids is fundamental to delivering the energy transition and sends a clear signal for others to step up, as there is ‘No Transition Without Transmission’. The Green Grids Initiative stands ready to support these leaders and collaborate with those bold enough to aim high, as only by working together will we get the job done."
See the list of signatories and support the pledge here:
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