Energy storage is at the center of the global low-carbon transition.
The global energy storage market added a record 45 gigawatts of new capacity in 2023, according to an analysis of BloombergNEF. That’s roughly three times the amount tallied for 2022. As more vehicles run on electricity and renewables become more widespread, the need for batteries and hydrogen fuel cells will only grow.
But the rapid expansion of energy storage infrastructure has a cost. The global electric vehicle boom has resulted in a lithium supply shortage since 2022 despite the 180% increase in production compared to 2017. The pressure of mining more minerals for batteries has also threatened some of the world’s largest, most diverse and fragile natural ecosystems.
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