According to a report showcased during COP 28 in Dubai, jointly issued by the International Solar Association and Long Duration Energy Storage (LDES) Council, the solar capacity could reach 75,000 GW by 2050 with long duration storage capacity. The report reveals an ambitious vision for the future of renewable energy, highlighting the crucial role of LDES in achieving ambitious solar objectives. It underscores the transformative capability of integrating solar energy with LDES to secure a consistent, reliable, and cost-effective renewable energy.
The report’s main findings incorporate an ambitious goal of achieving 75,000 GW of solar capacity by 2050, underscoring the imperative role of LDES in fully unlocking the potential of these solar installations for comprehensive decarbonisation. The report illustrates the financial feasibility of LDES in regions with low interconnectivity and high local fuel costs through a case study of remote island utilities in the US. In order to achieve 100 per cent renewable energy, the most economical way is to combine solar, wind, and LDES. Furthermore, as per the estimates of the LDES Council, LDES has an installed capacity potential of 8 TW and will grow to be a $4 trillion industry by 2040. This expansion is necessary to allow solar energy to reliably and reasonably supply the world’s electrical needs. Moreover, the report lists obstacles hindering the extensive adoption of solar and LDES, encompassing regulatory hurdles, financial challenges, and technical constraints, and puts forth solutions to overcome these impediments.
The report concludes by offering a series of policy suggestions, advocating for heightened worldwide objectives for solar and LDES, simplified permitting procedures, improved research and development, and the redirection of subsidies from fossil fuels to renewable energy and energy storage. The objective is to guarantee a fair transition to renewable energy, accompanied by the creation of green jobs and local economic revitalisation.
The ISA and LDES Council urge leaders worldwide, policymakers, and industry participants to acknowledge the revolutionary role that solar and LDES play in enabling a fair and just energy transition. The collaboration highlights that the combination of solar energy with LDES is a catalyst for global economic growth and environmental development, in addition to providing a means of reaching net-zero targets.
