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opinion

Energy storage poised for growth

New report signals 2030's for energy storage expansion

New report signals 2030's for energy storage expansion

When looking to the future of renewable energy production in the UK, as a bank and as an investor, we believe that energy storage is poised to grow rapidly in the UK towards 10GW in the 2030’s.

This is based on findings in a new report, “Energy storage – towards a commercial model” which was authored by energy experts Regen SW, in association with Triodos Bank, Green Hedge Energy and TLT. But what are the next steps needed for an emerging energy storage market to lift? The report shows that action is needed to align the technology with market and policy signals if this potential is to be realised.

It’s clear from the advances made in other countries and now the UK that proven sustainable electricity storage solutions exist and that their cost is fast reducing. What we now need to make these solutions more financeable is a clear, long term policy and regulatory framework to support the demand for these solutions and create an exciting sizeable new market in the UK.

The deployment of sustainable energy storage solutions in the UK is one of the key pillars that is required to achieve an energy system that is 100% sustainable – a low carbon, resilient and balanced energy system. It’s essential that financial institutions work closely with developers and policy makers to create a conduit for energy storage technology that will support the wider strength of renewable energy production.

But if this unsolved ‘Rubik’s Cube’ begins to shift into alignment, the potential for the new energy storage market is unbridled.

Philip Bazin, Environment Team Lead at Triodos Bank

What do you think of "Energy storage poised for growth"

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Frances Alexander 3 years ago

where should we invest?