IESW 2023: Global Energy Storage Outlook and Key Takeaways

To understand where India is in terms of its energy storage market adoption and deployment, a snapshot of global megatrends and emerging outlook of top international markets will help. In this spirit, Day 2 of IESW 2023 had an interesting panel discussion that brought out critical energy storage technological and market adoption trends from different countries from across the globe.

In his keynote address, Dinesh Jagdale, Joint Secretary, Indian Union Ministry of New & Renewable Energy (MNRE), spoke on India embracing an aggressive phase of renewable energy capacity expansion this decade, along with a critical role of energy storage. "We are trying to bring in energy storage into our policy and regulatory regime. With the help of four implementation agencies, India is envisaging some amount of storage capacity for every additional capacity expansion of renewable energy in the coming years", he said.

"A variety of storage technologies can play a role, and each of those will find their right fit in terms of applications and adoption. With battery storage, the opportunities are high, and so are the opportunities to cooperate and partner with global countries. Even in political forums like G20, discussions on energy transition and energy security for critical materials are on. Given out commitment to net zero, this decade is critical for India. What we do now will decide what we might achieve by 2050 and 2070", he added.

At the session, Gert Meylemans, Director, Communications & Stewardship, EUROBAT, spoke on regulatory and funding instruments that encourage energy storage in EU, along with technology, market preparedness, challenges and long-term vision for the European battery industry. His speech was followed by Dr. Derrick Fam of Singapore Battery Consortium on Singapore's emerging energy storage sector.

Barbara Clemenhagen, VP - Regulatory, CES USA, presented on the energy storage scenario in the countries of the USA, Canada, and Mexico. Alexander Hogeveen Rutter, Private Sector Specialist - International Solar Alliance (ISA) claimed that in most of the coal-consuming nations, solar with storage is now becoming cheaper. He also stressed on the need for delineating power and energy arbitrage in standalone BESS tenders.

Lastly, Puneet Thakur, Head of Invest and Innovation Collaboration, Business Finland, Embassy of Finland, elaborated on the 'National Battery Strategy 2025' of Finland that focusses on a wholistic battery ecosystem including a localized material supply chain, manufacturing, and recycling.