Published on Friday, May 17, 2024 | Updated on Monday, May 20, 2024

Global | Batteries will be vital to enabling the green transition

Batteries will be pivotal in steering the global energy system towards a net zero emissions scenario. Meeting targets will hinge on whether the world can scale up batteries fast enough.

Key points

  • Key points:
  • Batteries are a relevant part of the global energy system, having a deep impact on two key sectors for the energy transition: transport and power.
  • Lithium-ion batteries dominate battery use, both EV and storage applications, due to their recent cost reductions and performance improvements. EV battery volumes quadrupled over the past three years, mostly in passenger cars.
  • China leads the global EV battery market, with a 55% share, although this is gradually decreasing due to increasing support mechanisms and regulations in other regions.
  • Battery deployment should increase six-fold by 2030 to meet COP28 goals. Coordinated efforts from policymakers and the industry will also be needed.
  • Expanding the global battery market could create new opportunities to diversify supply chains. Batteries are like a "master key" capable of unlocking significant industrial transformations and substantial economic benefits.

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