According to a report unveiled during COP 28 in Dubai, the International Solar Association (ISA) and the Long Duration Energy Storage (LDES) Council have jointly presented a vision of achieving a staggering 75,000 GW of solar capacity by 2050, made possible through the integration of Long Duration Energy Storage technology. The report, which outlines an ambitious trajectory for the future of renewable energy, underscores the pivotal role that LDES systems will play in realising these ambitious solar goals. It emphasises how combining solar energy with LDES can provide a consistent, reliable, and cost-effective source of renewable energy.
Key highlights from the report include the ambitious target of reaching 75,000 GW of solar capacity by 2050, highlighting the indispensable role of LDES in fully unlocking the potential of solar installations for comprehensive decarbonization. The report also showcases the economic viability of LDES in areas with limited connectivity and high local fuel costs, citing a case study involving remote island utilities in the United States. To achieve a 100% renewable energy future, the report suggests that the most economical approach is to synergize solar, wind, and LDES technologies. The LDES Council estimates that LDES has the potential to reach an installed capacity of 8 TW and could evolve into a $4 trillion industry by 2040. This expansion is seen as essential to ensure the reliable and cost-effective supply of the world’s electrical needs through solar energy.
Furthermore, the report identifies various challenges hindering the widespread adoption of solar and LDES, including regulatory barriers, financial constraints, and technical limitations. It offers solutions to overcome these obstacles.
In conclusion, the report puts forward a series of policy recommendations, advocating for global targets for solar and LDES, streamlined permitting processes, increased investment in research and development, and the redirection of subsidies from fossil fuels to renewable energy and energy storage. These recommendations aim to facilitate a fair transition to renewable energy, stimulate the creation of green jobs, and revitalise local economies.
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ISA and the LDES Council are urging leaders, policymakers, and industry stakeholders worldwide to recognize the transformative potential of solar and LDES in facilitating a just energy transition. They emphasize that the combination of solar energy with LDES technology can drive global economic growth, environmental sustainability, and the achievement of net-zero targets.
