The rollout of batteries across the global electricity industry more than doubled last year but will need to be six times faster if the world hopes to meet its renewable energy targets, according to the International
Batteries have emerged as one of the world’s fastest-growing clean energy technologies after a 90% decline in costs over the past 15 years driven by the rapid growth of electric vehicles. In return, a battery boom could offer a “master key” able to unlock much bigger transformations in the uptake of, reduction of fossil fuels from power grids and in accelerating the introduction of electric vehicles, according to the IEA executive director, Fatih Birol.The IEA found that global investment in batteries reached $150bn last year after an eightfold increase in car battery investments and a fivefold increase for power grid battery storage.
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