The capacity of electricity storage facilities has increased, but they are being created slowly, the agency warns

In recent years, half of the developed economies have been trying to switch from fossil fuels to renewable energy sources. However, they are known to be more sensitive to external influences, which is why it is necessary to store the generated energy in batteries first. But if the world wants to meet the goals in the field of renewable resources, according to the IEA, it has to go, according to the British server The Guardian.

The International Energy Agency reported that by the end of the decade there will be a worldwide need for batteries with a capacity of 1,200 GW. This is the only way the march to secure energy will not stop and it will be possible to meet the goals set out in the UN’s strategic climate documents.

The further battery boom is due to gradually falling costs, which are mainly related to cheaper production. In the last 15 years, she has dreamed about 90 percent. Costs will probably continue to decline for a long time, but according to the IEA, they will have to contribute to the diversification of current supply chains so that there are no empty places on the market.

The battery potential is huge

Battery mn game. Until unlocking a lot of potential in the field of renewable energy sources, contributing to the dream of fossil fuels in the current energy mix and helping with the rapid rise of the wave of electromobility, Fatih Birol, executive editor of the International Energy Agency, comments on the situation.

According to the International Energy Agency, investments in batteries last year reached 150 billion US dollars, which is roughly 3.5 trillion crowns. In 2023, investments in batteries for electric cars increased eightfold (a total of 115 billion US dollars) and fivefold for electric vehicles. 90 percent of these investments are made by entities from the USA, NY and Europe.

Thanks to the growing demand for batteries, sales of new electric cars can also increase. In 2020, the global sales of electric vehicles reached 3 million, in 2023 there were 11 million new sales of electric vehicles incl.

A similar trend will be observed in the coming years, and it is assumed that the importance of batteries will also grow from the point of view of electronics production. The combination of photovoltaics and batteries is now competitive with new coal-fired power plants in India. In five years, the trend will continue and certain energy will be cheaper than coal sources, such as on earth or gas power plants in the United States. Batteries will therefore play an invaluable role in the development of renewable energy sources in practice and ensure safe and sustainable energy for businesses and households, concluded Fatih Birol for The Guardian.