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World Bank commits $1bn to battery storage
The World Bank Group (WBG) has committed $1bn for a ‘game-changing’ new global programme to accelerate investments in battery storage for energy systems in developing and middle-income countries.
The ‘Accelerating Battery Storage for Development’ programme aims to finance 17.5 GWh of battery storage by 2050 – more than triple the 4–5 GWh currently installed in all developing countries.
The aim behind the initiative is to help developing countries drive up their use of renewables – particularly wind and solar power – improve energy security, increase grid stability and expand access to electricity.
The funding will finance and de-risk investments including utility-scale solar parks with battery storage, off-grid systems – including mini-grids – and stand-alone batteries that can help stabilise and strengthen grids.
The programme will also enable the development of large-scale demonstration projects for new storage technologies including long-lasting, environmentally friendly batteries that are resilient to harsh conditions and high temperatures.
World Bank Group President Jim Yong Kim said: ‘For developing countries, this can be a game-changer… Batteries are critical to decarbonising the world’s power systems. They allow us to store wind and solar energy and deploy it when it’s needed most to provide people with clean, affordable, round-the-clock power.’
He added: ‘We can create new markets for battery storage in countries with high wind and solar potential, growing energy demand, and populations that still live without reliable electricity.’
Alongside WBG funding, the programme is expected to raise a $1bn from public and private funds and investors, and a further $3bn in concessional climate funds through channels such as the Climate Investment Funds’ Clean Technology Fund.
The programme will also form a global think-tank on battery storage, bringing together national laboratories, research institutions, development agencies and philanthropies to provide international technological co-operation and training to develop new storage solutions tailored for the needs and conditions of developing countries.
