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According to the IEA, the capacity of battery energy storage needs to increase at a rate six times faster in order to reach global climate goals. EcoWatch, established in 2005 in Ohio, is a digital platform that focuses on sharing high-quality, science-driven content related to environmental topics, including issues, reasons, and potential solutions.

In order to achieve clean energy and net-zero goals by 2030, which were established at COP28, the International Energy Agency (IEA) emphasizes the urgent need for a significant increase in battery storage capacity.

The agency stated that there needs to be a six-fold increase in the rollout of batteries in order to achieve global climate goals.

According to the IEA, the cost of batteries has dropped significantly by over 90% in the last 15 years. In the previous year, there was a 130% increase in battery deployment compared to 2022, and worldwide battery capacity grew by 42 gigawatts (GW). The rise in battery storage has also played a role in the increase in sales of electric vehicles, which went up from 3 million in 2020 to almost 14 million in 2023.

According to IEA Executive Director Fatih Birol, the electricity and transportation industries are essential in reducing emissions rapidly to meet the goals set at COP28 and potentially limit global warming to 1.5 °C. Batteries will play a crucial role in both sectors, helping to increase the use of renewable energy and electric transportation, while also providing reliable and sustainable energy for businesses and households.

According to The Guardian, worldwide spending on battery storage reached $150 billion in 2023, with the majority of funds ($115 billion) allocated to electric vehicle batteries. The largest investments in EV batteries were made in China, the U.S., and Europe. Additionally, investments in battery storage for electricity grids saw a fivefold increase compared to the previous year.

The IEA's report on Batteries and Secure Energy Transitions shows that the use of batteries in the energy industry has grown significantly, reaching approximately 2,400 gigawatt-hours in 2023. This marks a fourfold increase compared to the usage in 2020.

Even though the cost of batteries is decreasing and the demand for them is rising, along with their storage capacity, it is necessary for costs to keep decreasing and for the expansion of battery technology to increase six times by the end of the decade in order to minimize the severe effects of climate change.

In order to boost the use of large-scale battery storage, the IEA suggests making policy changes to eliminate barriers that currently prevent battery storage from participating in energy markets. Additionally, adjustments to taxing systems may be needed to prevent instances of double taxation on battery storage projects.

Moreover, the report emphasizes the importance of increasing recycling rates in order to lessen the reliance on extracting raw materials such as lithium and cobalt for batteries. Enhancements in recycling practices and advancements in battery technology will be necessary to establish a more secure supply chain and lower costs.

According to Birol, the pairing of solar PV and batteries is now economically competitive with new coal plants in India. He also mentioned that in the coming years, this combination will be more cost-effective than new coal plants in China and gas-fired power in the United States. Birol emphasized that batteries are revolutionizing the energy industry.

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