G7 nations have agreed a new global energy storage target of 1500GW by 2030, a six-fold increase from today’s levels.
The new target for cumulative deployments was agreed to in a G7 Ministerial Communique for Climate, Energy, and Environment in Turin, Italy, yesterday (30 April).
The deployment of energy storage at that scale will transform the availability of renewable energy resources to better compete with fossil fuels and strengthen energy security, the US Department of Energy (DOE) said in a ‘US-UK Strategic Energy Dialogue 2024: Joint Statement’. The G7 comprises the UK, US, France, Germany, Italy, Canada and Japan.