Last week, world scientists declared a climate emergency, calling for urgent action and for a broader set of climate indicators to be monitored, including energy consumption and fossil-fuel subsidies.
At the center of resolving the climate crisis is a transition to clean energy (i.e. wind and solar), but this will only happen once we are able to efficiently store energy from sustainable sources that are prone to intermittency.
Energy storage was at the forefront of discussions at the Climate Investment Funds’ (CIF) Energy Storage in Emerging Markets event, which brought some 200 policy makers, technology providers and financiers together, to discuss the challenges and opportunities of financing, developing and implementing energy storage projects in the developing world.
We were delighted to support our clients at the World Bank-hosted CIF, to help them to put the whole event together through providing strategic counsel, securing relevant speakers and participants, and providing video, live-streaming and media engagement support; successfully building on our work at CIF@10 in Morocco. We were pleased to bring key stakeholders together to share ideas, learnings and actions for energy storage systems, and ultimately engage them around transitioning to a sustainable energy system.
CIF is accelerating climate action by providing financing – a key barrier to energy storage – to developing countries. The event marked the launch of the Climate Investment Funds’ new $250 million Global Energy Storage Program (GESP), a first-of-its-kind initiative to drive over $1 billion of energy storage investments in emerging markets.
The forum was co-hosted by the UK Government’s Department for Business, Energy, and Industrial Strategy (BEIS), in association with the six CIF partner multilateral development banks.
Click here to watch our teaser video for the event.
Photo: Solar panel from the Noor Concentrated Solar Power Plant (CSP) in Ouarzazate, Morocco, January 2019. Credit: Jack Goldsworthy, Leidar.