US$1.2 Trillion Battery Storage Needed for Global Renewables

The global energy transition requires US$1.2 trillion in battery storage by 2034. This investment will support over 5,900 GW of new wind and solar capacity. Wood Mackenzie research highlights the necessity of grid-forming technology (GFM) for this expansion. Renewables are set to provide over 80% of new energy capacity. GFM batteries will ensure grid stability as global power demand rises 55% by 2034. Analysts project a 1,400 GW shortfall in GFM battery storage between 2024 and 2034. Recent grid instability events underscore the need for robust stability measures. Governments in China, the U.S., and Australia are implementing policies to encourage battery storage deployment. Global battery capacity is expected to triple by 2035. GFM functionality will likely become standard for new storage projects. This will enhance system reliability and optimize renewable energy use.