GLOBAL – At COP28 in Dubai, UAE, an alliance of 11 countries, including India, Egypt, and Kenya, has joined forces within the battery energy storage systems (BESS) consortium.
Barbados, Belize, Ghana, Nigeria, Malawi, Mauritania, Mozambique, and Togo have also committed to this initiative, as revealed by the Global Leadership Council of the Global Energy Alliance for People and Planet.
This coalition aims to achieve a 5GW capacity of BESS by 2025, with deployment slated for completion by 2027.
To attain the broader target of 400GW in renewable energy by 2030, an essential 90GW in energy storage is imperative. The initial 5GW objective will chart a course toward fulfilling this long-term ambition.
Recognized as a pivotal component in deploying intermittent renewable energy sources, such as solar power, BESS is anticipated to bolster grid reliability.
Moreover, the integration of BESS with renewable energy sources proves more cost-effective compared to conventional fossil fuel power plants.
Functioning as a multi-stakeholder partnership, the BESS consortium intends to democratize the advantages of energy storage, especially in low and middle-income nations.
A commitment to mobilize US$1 billion in concessional finance underscores the consortium’s determination to hasten project execution, fortify regulatory frameworks, cultivate BESS markets, and facilitate access to both commercial and public funding.
An array of influential entities, including the African Development Bank, Agence Française de Développement, the Asian Development Bank, GEAPP, the Inter-American Development Bank, the German Agency for International Co-operation, and the World Bank, stand as resource partners for the consortium.
Further support and participation from entities like Africa50, AMEA Power, COP28 Presidency, Infinity Power, Masdar, the National Renewable Energy Laboratory, Net Zero World, RMI, and Sustainable Energy for All, alongside additional countries, are expected to augment this collaborative endeavor.
Vietnam has also engaged in the consortium, affirming a commitment to transition toward cleaner energy, while Indonesia has showcased significant interest in participation.
Within this alliance, participating countries, utilities, and resource partners will collaboratively identify and craft investment packages aimed at bolstering BESS projects.
Prime Minister Jonas Gahr Støre of Norway, co-chair of the Global Leadership Council, stressed the council’s mission to expedite transformative initiatives that reduce emissions, generate employment, and facilitate access to clean, affordable energy in low and middle-income nations.
Støre emphasized the early progress made by the BESS Consortium and underscored the necessity of sustained collective momentum and expansion.
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