The potential solar capacity by 2050 could reach up to 75,000 gigawatts (GW) with long-duration energy storage (LDES) capacity, as stated in a report released by the International Solar Association (ISA) and the LDES Council on December 5.
The report, presented at COP 28 in Dubai, underscores the transformative potential of combining solar energy with LDES to ensure continuous, reliable, and affordable renewable energy. It highlights that LDES will be necessary to fully realize the potential of these solar installations for complete decarbonization.
The report estimates that LDES will become a $4 trillion industry by 2040, with an installed capacity potential of eight terawatts (TW). This growth is crucial for enabling solar energy to meet global electricity demands affordably and reliably, according to the report.
Dr Ajay Mathur, Director General of ISA, commented, "Solar, already the most economical source of new electricity globally, will further strengthen its competitive advantage. Combined with long-duration energy storage, solar becomes a continuous, reliable 24x7 energy source."
The report concludes with a set of policy recommendations, urging increased global targets for solar and LDES, streamlined permitting processes, enhanced research and development, and the reallocation of fossil fuel subsidies to renewable sources and energy storage. The goal is to ensure an equitable transition to renewable energy, accompanied by green job creation and local economic recovery, as outlined in the report.
The study identifies barriers to the widespread adoption of solar and LDES, including regulatory challenges, financing issues, and technical limitations, and proposes solutions to overcome these hurdles.
Additionally, the report presents a case study of isolated island utilities in the US, demonstrating the financial viability of LDES in areas with limited interconnectivity and high local fuel costs. The combination of solar, wind, and LDES emerges as the most cost-effective solution for achieving 100% renewable energy, according to the report.
In a press statement, the ISA emphasized, "The white paper underscores the substantial economic benefits of solar and LDES, including the creation of green jobs, local economic recovery, and resilience against climate challenges. It emphasizes the pivotal role of these technologies in providing affordable and primary energy sources, particularly in emerging economies."
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