How many billions of dollars are invested in energy storage

How much energy will be invested in 2023?

We estimate that around USD 2.8 trillion will be invested in energy in 2023. More than USD 1.7 trillion is going to clean energy, including renewable power, nuclear, grids, storage, low-emission fuels, efficiency improvements and end-use renewables and electrification.

How much money is being invested in solar in 2023?

Solar is the star performer in energy investments, with more than USD 1 billion per day expected to go into solar investments in 2023, totaling USD 380 billion for the year. This spending is set to exceed that in upstream oil for the first time.

What is the expected investment in battery storage for power in 2023?

Strong investment in battery storage for power is expected to approach USD 40 billion in 2023, almost double the 2022 level. Record sales of EVs and a push from policy makers to scale up domestic supply chains have sparked a wave of new lithium-ion battery manufacturing projects around the world.

How much energy do oil & gas companies invest in 2023?

Clean energy investment by oil and gas companies reached $30 billion in 2023, accounting for only 4% of the industry’s overall capital spending, according to the report. Meanwhile, coal investment continues to rise, with more than 50 gigawatts of unabated coal-fired power approved in 2023, the highest since 2015.

How will energy storage affect global electricity demand?

Energy storage will play a significant role in maintaining the balance between supply and demand as global electricity demand more than doubles by mid-century. This growth in demand will be primarily met by renewable sources like wind and solar.

Are Cheap batteries the future of energy storage?

Cheap batteries mean that wind and solar will increasingly be able to run when the wind isn’t blowing and the sun isn’t shining. BNEF’s latest Long-Term Energy Storage Outlook sees the capital cost of a utility-scale lithium-ion battery storage system sliding another 52% between 2018 and 2030, on top of the steep declines seen earlier this decade.