How are batteries powering climate change targets?
A new report from the Global Battery Alliance, led by World Economic Forum, explains how a more sustainable value chain combined with collaborative action could unlock the potential of batteries around the world.
The report predicts that, by 2050, batteries will power an electric vehicle market worth $2 trillion, with global cumulative energy storage deployments set to grow more than thirty-fold, to reach a cumulative size of 942GW by 2040.
With the signing of the 2015 Paris climate change agreement, which came into action in 2016, almost 200 governments from around the globe agreed to take measures to limit global warming. In this global response to the threat of climate change, all signing parties agreed to:
“…keep a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.”
With continuing advances in battery technology and the expansion of battery storage, batteries are set to play a vital role in the future fight against climate change.
Abdul Latif Jameel, through its investments in the mobility and renewable energy sectors, is helping to advance the development of battery storage technology in key markets across the globe. Read more about our perspective on this exciting movement here.