Global Battery Boom

May 06, 2024

Growth in batteries outpaced almost all other clean energy technologies in 2023, according to the International Energy Agency. Increased innovation, falling costs, and supportive industry policy all play a role in buoying demand. In less than 15 years, battery costs have fallen by more than 90 percent.

The IEA estimates that batteries need to lead a sixfold increase in global storage to enable the world to meet 2030 targets.

“The electricity and transport sectors are two key pillars for bringing down emissions quickly enough to meet the targets agreed at COP28 and keep open the possibility of limiting global warming to 1.5 °C,” said IEA Executive Director Fatih Birol.

Learn more: Batteries and Secure Energy Transitions – Analysis - IEA