As per the Second Energy Storage Forum in Dubai, More than a thousand energy storage projects are in the offing worldwide, with hydrogen being a key player in the energy sector. The projects boast of investments worth $320 billion to be made by 2030. It is being held that renewable generation will reach 80% of the global energy mix by 2050.
The Forum was themed “Driving Energy Transition Pathways Towards COP28,” and held by the Gulf Cooperation Council Interconnection Authority (GCCIA) and EPRI, a non-profit energy research and development organization.
The platform asked FIIs globally to make investments in energy storage technologies, with an emphasis on hydrogen storage.
Ahmed Al-Ebrahim, CEO of GCCIA spoked about the significance of efficient and reliable ESS solutions for fusing renewable energy into power grids that exist presently. He further underlined the importance of energy storage technologies and their role in addressing the intermittency of renewable energy sources to ensure a stable power supply. Al-Ebrahim urged financial institutions to invest in these technologies to actively contribute to the global fight against climate change and promote a sustainable future. An apt allocation of resources and capital to these projects will give a push to innovation, thereby augmenting the deployment of clean energy sources, he concluded.
The Forum held panel discussions on regulatory frameworks, incentives, and the role of hydrogen to decarbonise the economy.