The report, presented at COP28 in Dubai, emphasized the transformative potential of combining solar energy with LDES to ensure continuous, reliable, and affordable renewable energy, a statement said.
The report emphasized the necessity of LDES to fully realize the potential of solar installations for complete decarbonization and achieving a solar capacity of 75,000 GW by 2050.
It presented a case study of isolated island utilities in the US, demonstrating the financial viability of LDES in areas with limited interconnectivity and high local fuel costs.
The combination of solar, wind, and LDES emerges as the most cost-effective solution for achieving 100 per cent renewable energy.
The LDES Council estimates that LDES will become a USD 4 trillion industry by 2040, with an installed capacity potential of 8 TW, the statement said. This growth is essential for enabling solar energy to meet global electricity demands affordably and reliably. The report also identified barriers to the widespread adoption of solar and LDES, including regulatory challenges, financing issues, and technical limitations, and proposed solutions to overcome these hurdles.
“Solar, already the most economical source of new electricity globally, will further strengthen its competitive advantage. Combined with Long Duration Energy Storage, solar becomes a continuous, reliable 24/7 energy source,” stated Dr. Ajay Mathur, Director General ISA.
“Developing long-duration energy storage is the best pathway to full decarbonization for economies worldwide. LDES provides the scaffolding for reliable, resilient, around-the-clock renewable energy for industry and the electric grid,” asserted Julia Souder, Chief Executive Office, LDES Council.