Cross-border cooperation and regulatory stability: key to accelerating renewable electricity storage
Summary
This first publication from international cohort of business groups, the Corporate Leaders Network for climate action (CLN), gathers ideas and insights from across regions including South Africa, Japan, Chile, and the EU, offering real-world solutions to climate problems with case studies from power sector businesses including energy companies EDF, Iberdrola, and Colbun. Beverley Cornaby, Director, Policy and Systems Change Collaborations, University of Cambridge Institute for Sustainability Leadership, conveners of the CLN, said: “The outcomes from the G7 environment ministers meeting demonstrate ambition and offer a substantive scaffold for net zero action. The first companies and investors to roll out reliable, scalable, and affordable energy storage solutions will gain a large portion of the market share and benefit from the first mover advantage. Decision-makers can look at several indicators to identify whether and which type of energy storage is appropriate, such as geographical constraints, business environment, and availability of finance, policy, and regulatory framework as well as more technical considerations like capacity of power plants and grid layout. Grants, subsidies, tax incentives, and low-interest loans may help to reduce the risks associated with investing in new technology and encourage businesses to take a long-term view.