PVTIME – On 17 September, at the 3rd World Energy Storage Congress in Ningde City, IRENA (the International Renewable Energy Agency), the world’s leading intergovernmental organisation for renewable energy, officially launched its first full-length thematic report on global energy storage. Titled ‘Key Enablers for the Energy Transition: Solar PV and Storage’. This report is an expansion of a condensed version released by IRENA last year.
Developed jointly with CATL (Contemporary Amperex Technology Co., Ltd.) and other renowned international firms and organisations specialising in PV and energy storage, this is the first global energy storage study to feature substantial input from a Chinese enterprise. Systematically examining the current state of the global energy storage industry through technology and cost, it provides in-depth forecasts of future trends and acts as a practical reference for policymakers shaping energy storage and broader energy strategies.
One of the report’s key findings is that, as the cost of utility-scale PV and energy storage projects drops sharply worldwide, PV + storage is becoming the most cost-effective green energy solution, meeting both global electricity demand growth and the need for a clean energy transition. Driven by progress in battery technology and rising demand for long-duration storage, lithium-ion systems now offer 4–8 hours of runtime (with the potential for more) and are recognised as a vital reserve for long-duration storage, supporting the grid’s need for extended flexible regulation.
The report outlines the following policy recommendations: establishing national energy storage targets; integrating storage into top-tier grid planning; refining electricity market rules to unlock storage’s multiple values; developing targeted financial innovations to reduce initial investment costs; and establishing robust grid-connection safety standards and demonstration platforms.
Ilina Radoslavova Stefanova, Director of IRENA’s Action Network, stated that implementing these policies would accelerate the decarbonisation of power systems, facilitate the achievement of 2030 renewable energy and storage targets, and lay the groundwork for a resilient, fully renewable global energy system.
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