World Bank heads new technology initiative
The World Bank Group and 29 organizations working together announced the establishment in May of a new, international Energy Storage Partnership (ESP) to help expand the deployment of energy storage and bring new technologies to developing countries’ power systems.
The group notes that energy transitions are underway in many countries with a significant increase in the use of wind and solar power. To integrate these variable renewable resources into grids at the scale necessary to mitigate climate change, energy storage will be key.
To enable the rapid uptake of variable renewable energy in developing countries, the WBG is convening an Energy Storage Partnership (ESP) that will foster international cooperation on:
• Technology Research Development & Demonstration, Applications
• System Integration and Planning Tools
• Policies, Regulations and Procurement
• Enabling Systems for Management and Sustainability.
The ESP will complement the WBG’s $1 billion battery storage investment program announced in September 2018 to significantly scale up support to battery storage projects and raise an additional $1 billion in concessional finance.
For further information:
For further reading, the World Bank has released this fact sheet: