The World Bank Group committed $1 billion for a new global program to accelerate investments in battery storage for energy systems in developing and middle-income countries. According to the company, the program is expected »to help these countries ramp up their use of renewables – particularly wind and solar power – improve energy security, increase grid stability and expand access to electricity.« The $1 billion in World Bank Group financing is expected to mobilize another $4 billion in concessional climate financing and public and private investments. The program aims to finance 17.5 GWh of battery storage by 2025 – more than triple the 4 to 5 GWh currently installed in all developing countries. The »Accelerating Battery Storage for Development« program, in response to demand from countries, will finance and de-risk investments such as utility-scale solar parks with battery storage, off-grid systems – including mini-grids – and stand-alone batteries that can help stabilize and strengthen grids. The program will also support large-scale demonstration projects for new storage technologies suitable for developing countries’ needs.
Battery storage can help countries leapfrog to the next generation technology, expand energy access, and set the stage for much cleaner, more stable, energy systems as well as economic prosperity.