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The Global Renewables Alliance supports an upcoming COP29 energy storage pledge and calls for an 8,000 GW target for long duration energy storage by 2040.

Foz do Iguaçu, Brazil, 02 October 2024: Julia Souder, Chair of the (GRA), launched a call for an ambitious COP29 global storage target at a Mission Innovation event on the sidelines of the G20 meeting in Brazil, featuring keynote speakers such as Kadri Simson, European Commissioner for Energy, and Malcolm Turnbull, 29th Prime Minister of Australia.

The joint by the Global Renewables Alliance, the and the �鶹��Ƶ, urges governments to support the upcoming and to emphasise the critical need for long-duration energy storage targets. COP29’s initiated pledge represents a significant step forward in addressing the urgent need for energy storage, with a bold target of reaching 1,500 gigawatts of storage capacity by 2030—an impressive leap from the 230 gigawatts recorded in 2022.

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“Decarbonisation goals won’t be met without a major increase in long-duration energy storage over the long term. As renewables become an even larger part of the energy mix, we need to accelerate the development of infrastructure to store and manage it efficiently. A firm energy storage target at COP29 is crucial, but including different durations and types of storage is also needed with strong policy incentives to ensure these technologies can scale up efficiently and effectively,” said Julia Souder, Chair of GRA and CEO, Long Duration Energy Storage Council.

To stay on track for net zero, GRA stresses the need for long-term planning to ensure reliable power. Global storage capacity must increase six-fold to 1,500 GW by 2030 to support the rise of variable renewables while ensuring grid reliability and resilience. Commitments to accelerate the deployment of renewable energy must be matched by efforts to rapidly scale energy storage. Governments must go further by setting ambitious targets for 2035, 2040, and beyond, backed by concrete actions.

This is a pivotal moment for bold ambition, offering immense opportunities to translate ambition into action, accountability, and long-term planning for a sustainable energy future. COP29 can set a strong foundation for future summits to explore additional targets for larger and longer-duration energy storage. Governments have the chance to capitalise on falling energy storage costs by incorporating national storage goals into their Nationally Determined Contributions (NDCs) and introducing policies that enable rapid expansion. By adopting a ‘rule of thumb’ metric, countries can gain an initial sense of storage needs while laying the groundwork for more detailed assessments that define optimal targets and storage duration mixes.

The call for a global target of 1,500 GW of energy storage by 2030 is an encouraging step and a necessary foundation for future pledges that will accelerate the energy transition. This target will be crucial in achieving the deployment of 11,000 GW of renewables by 2030, as committed at COP28—an essential milestone to keep the world on track to limit global warming to 1.5 degrees Celsius. The Global Renewables Alliance advocates for countries to support the pledge and encourages even larger future targets for various types of storage to match the growing deployment of renewables. The Global Renewables Alliance envisions over 1,000 GW of long-duration energy storage by 2030 and a need for up to 8,000 GW by 2040—a 50-fold increase from today’s levels. This ambition highlights the transformative potential of energy storage in securing a cleaner, greener future.

Bruce Douglas, CEO, Global Renewables Alliance, commented:
“Despite record installations of renewable energy and storage mechanisms, we are still not on track to meet net zero ambitions. Long-duration energy storage takes as long, if not longer, than renewables to get built. It’s time for bold, measurable action. We welcome the commitments contained in the COP29 pledge, including addressing bottlenecks that impact planning and financing to secure a clean, secure and just energy future, but governments must go further, set long-term storage targets, and create the policies needed to hold all sectors accountable for delivering on these goals.”

Eddie Rich, CEO, �鶹��Ƶ, added:
“We support the global target for energy storage, but it’s important to recognise the need for long-duration options. Pumped storage hydropower is a reliable and mature technology, with thousands of potential sites worldwide. But further development won’t happen without strong political and policy support. The message is clear, we need to act now and plan long term to ensure a smooth and fair transition.”

Sonia Dunlop, CEO of Global Solar Council said:
“Storage, both short term and long term, is an essential partner to solar PV. More and more solar installations, whether off grid or on grid, large scale or residential, are now being installed in tandem with storage. Long and short duration storage of all kinds – including pumped storage hydro – are essential to grid integration, to spread the benefits of PV into late afternoons, evenings and at night. The Global Solar Council fully supports the proposed global storage target for 2030 – and many of our members are now manufacturing and selling storage too.”

To learn more about the value of long duration energy storage and the need for a global energy storage pledge, .