When looking to the future of renewable energy production in the UK, as a bank and as an investor, we believe that energy storage is poised to grow rapidly in the UK towards 10GW in the 2030’s.
This insight into growth is the outcome of a new report entitled “Energy Storage – towards a commercial model”, authored by energy experts Regen SW, in association with Triodos Bank, Green Hedge Energy and UK law firm TLT. But what are the next steps needed for an emerging energy storage market to lift? The report shows that action is required to align the technology with market and policy signals if we are to realise this potential.
It’s clear from the advances made in other countries and now the UK that proven sustainable electricity storage solutions exist and that their cost is fast reducing. What we now need to make these solutions more financeable is a clear, longterm policy and regulatory framework to support the demand for these solutions and create an exciting sizeable new market in the UK.
The deployment of sustainable energy storage solutions in the UK is one of the fundamental pillars that is required to achieve an energy system that is 100% sustainable – a low carbon, resilient and balanced energy system. It’s essential that financial institutions work in close collaboration with developers and policy makers to create a conduit for energy storage technology that will support the wider strength of renewable energy production.
But if this unsolved ‘Rubik’s Cube’ begins to shift into alignment, the potential for the new energy storage market is unbridled.
By Philip Bazin, Environment Team Lead, Triodos Bank
This article was first published in the Guide to Clean Energy