Can energy storage power the sustainability revolution?
Author: Jasleen Kaur
The battery storage market is still in its early stages, and as the demand for renewable energy rises, its economics will change. New ideas for thermal energy storage are frequently introduced to the market, including Carnot batteries and hot rock energy storage. Sustainability is the main driver of innovation in the chemical energy storage sector, and as a result, the market for green hydrogen energy systems as a whole. Energy storage technologies typically experience an extremely high rate of innovation due to an increased demand for a consistent supply of clean energy, making it an exciting field to watch from a clean energy perspective. By 2025, the Canadian government promises to phase out subsidies for fossil fuels and allocate US$116 million to the electric vehicle market. Asia has seen a lot of activity; on the one hand, Korea unveiled its carbon-neutral strategy, while the Indian government unveiled its PSH investment strategy. China, which already contributes significantly to the market, intends to reduce its reliance on fossil fuels by 20% by 2060. The US investment tax credit is a federal tax credit that offers a tax credit of more than 20% to companies and individuals who invest in energy storage systems. Rebates are another example of a plan where a portion of the cost is allocated to those who invest in energy storage systems and facilities. As part of a country's overall sustainable plans, another set of regulations has mandated the development of energy storage systems. Another intriguing initiative is portfolio standards for renewable energy, which require businesses to produce a certain percentage of their total energy from renewable sources.