Long-term energy storage (LDES) technologies, in conjunction with renewable sources, can reduce worldwide industrial greenhouse gas emissions by 65%, as per a recent study by the LDES Council and Roland Berger.
Long-duration energy storage is a vital element for a predominantly renewable grid. The U.S. Department of Energy (DOE) anticipates a need for 225 GW to 460 GW of energy storage technology to achieve a net-zero economy by 2050. The DOE classifies these solar technologies into four categories based on storage duration. The LDES Council, dedicated to advancing long-duration energy storage, comprises 70 members from 19 countries.
As per the report, these energy storage technologies are capable of supplying stable, renewable electricity for off-grid uses. They can bring down the expenses involved in decarbonizing particular industrial processes powered by fossil fuels.
Also, The report recognizes the current low utilization of long-duration storage technologies in difficult-to-electrify sectors such as steel and cement. This is attributed to the integration demands of electric technologies needed to address the high temperature and radiative heat requirements in these industries. Approximately 25% of the world’s yearly greenhouse gas emissions come from industrial sources. This is increasing at a rate of 2% annually. Moreover, there is an anticipated 34% growth in the demand for industrial heat from 2019 to 2040.
Furthermore, Realizing the full potential of these energy storage technologies necessitates various policy interventions. These include backing from policies like grants and solar incentives for technological support, as well as the implementation of long-term market signals and revenue mechanisms. Moreover, The latter category involves measures such as carbon pricing, establishing procurement targets for long-duration storage, and gradually eliminating subsidies for fossil fuels, as outlined in the report.
Final Thoughts:
In a nutshell, combining long-term energy storage with renewables can significantly cut global industrial emissions. Also, The report emphasizes the importance of these technologies for a greener future. This policy reflects support and collaborative efforts to maximize their impact and transition towards a sustainable, low-carbon economy.
