Energy storage is pivotal in the global transition towards low-carbon solutions. According to an analysis by BloombergNEF, the global energy storage market achieved a remarkable addition of 45 gigawatts of new capacity in 2023, which is about three times the amount recorded in 2022. As the adoption of electric vehicles increases and renewable energy sources become more prevalent, the demand for batteries and hydrogen fuel cells continues to rise.
However, this rapid expansion of energy storage infrastructure comes with challenges. The surge in electric vehicle production has led to a lithium supply shortage since 2022, despite a staggering 180% increase in lithium production compared to 2017. Additionally, the increasing demand for minerals to manufacture batteries poses a significant threat to some of the world’s largest and most fragile natural ecosystems.
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