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Battery costs have dropped 90% in under 15 years

While China produces most batteries today, the report shows that 40 per cent of announced plans for new battery manufacturing is in advanced economies such as the US and the European Union.

Battery deployment still needs to scale up significantly in the next few years if the world is to hit our energy and climate goals.

To do so, overall energy storage capacity will need to increase sixfold by 2030 worldwide, with batteries accounting for 90 per cent of the increase and pumped hydropower covering most of the rest.

References:

• https://www.euronews.com/green/2024/05/02/battery-costs-have-dropped-90-in-under-15-years-giving-renewables-a-boost-new-iea-report-r

• https://www.iea.org/

• https://www.iea.org/news/rapid-expansion-of-batteries-will-be-crucial-to-meet-climate-and-energy-security-goals-set-at-cop28

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