China’s role in scaling up energy storage investments
Accelerating the planning and development of a new power system that is more renewable energy-based is a strategic priority of achieving “dual carbon” goals (peaking carbon emissions before 2030 and becoming carbon neutral before 2060) in China. The large-scale development of energy storage technolo...
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| Format: | Article |
| Language: | English |
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KeAi Communications Co., Ltd.
2023-06-01
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| Series: | Energy Storage and Saving |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S2772683523000110 |
| _version_ | 1797771386068926464 |
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| author | Lei Bian |
| author_facet | Lei Bian |
| author_sort | Lei Bian |
| collection | DOAJ |
| description | Accelerating the planning and development of a new power system that is more renewable energy-based is a strategic priority of achieving “dual carbon” goals (peaking carbon emissions before 2030 and becoming carbon neutral before 2060) in China. The large-scale development of energy storage technologies will address China’s flexibility challenge in the power grid, enabling the high penetration of renewable sources. This article intends to fill the existing research gap in energy storage technologies through the lens of policy and finance. Results indicate that policy uncertainties in renewable energy might undermine domestic investor confidence in energy storage technologies, while insufficient economic incentives may crowd out private sector participation. Drawing on international best practices, blended concessional finance, supported by development partners, can play a significant role in closing energy storage financing gaps in China and in countries of the Belt and Road Initiative (BRI). To deliver on China’s domestic and international climate commitments, this article makes three policy recommendations: (1) moving forward with a carbon pricing agenda that incentivizes energy storage investments in China; (2) tapping the potential of the domestic capital market to close financing gaps for novel energy storage technologies; (3) scaling up energy storage supply chains in BRI countries through multilateral cooperation. |
| first_indexed | 2024-03-12T21:36:47Z |
| format | Article |
| id | doaj.art-bb3d133c8c454b2280e1ec0788524f5c |
| institution | Directory Open Access Journal |
| issn | 2772-6835 |
| language | English |
| last_indexed | 2024-03-12T21:36:47Z |
| publishDate | 2023-06-01 |
| publisher | KeAi Communications Co., Ltd. |
| record_format | Article |
| series | Energy Storage and Saving |
| spelling | doaj.art-bb3d133c8c454b2280e1ec0788524f5c2023-07-27T06:00:12ZengKeAi Communications Co., Ltd.Energy Storage and Saving2772-68352023-06-0122415420China’s role in scaling up energy storage investmentsLei Bian0Corresponding author.; Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science, London, WC2A 2AE, UKAccelerating the planning and development of a new power system that is more renewable energy-based is a strategic priority of achieving “dual carbon” goals (peaking carbon emissions before 2030 and becoming carbon neutral before 2060) in China. The large-scale development of energy storage technologies will address China’s flexibility challenge in the power grid, enabling the high penetration of renewable sources. This article intends to fill the existing research gap in energy storage technologies through the lens of policy and finance. Results indicate that policy uncertainties in renewable energy might undermine domestic investor confidence in energy storage technologies, while insufficient economic incentives may crowd out private sector participation. Drawing on international best practices, blended concessional finance, supported by development partners, can play a significant role in closing energy storage financing gaps in China and in countries of the Belt and Road Initiative (BRI). To deliver on China’s domestic and international climate commitments, this article makes three policy recommendations: (1) moving forward with a carbon pricing agenda that incentivizes energy storage investments in China; (2) tapping the potential of the domestic capital market to close financing gaps for novel energy storage technologies; (3) scaling up energy storage supply chains in BRI countries through multilateral cooperation.http://www.sciencedirect.com/science/article/pii/S2772683523000110Energy storage policyBelt and Road initiativeGreen financeDevelopment finance institutions |
| spellingShingle | Lei Bian China’s role in scaling up energy storage investments Energy Storage and Saving Energy storage policy Belt and Road initiative Green finance Development finance institutions |
| title | China’s role in scaling up energy storage investments |
| title_full | China’s role in scaling up energy storage investments |
| title_fullStr | China’s role in scaling up energy storage investments |
| title_full_unstemmed | China’s role in scaling up energy storage investments |
| title_short | China’s role in scaling up energy storage investments |
| title_sort | china s role in scaling up energy storage investments |
| topic | Energy storage policy Belt and Road initiative Green finance Development finance institutions |
| url | http://www.sciencedirect.com/science/article/pii/S2772683523000110 |
| work_keys_str_mv | AT leibian chinasroleinscalingupenergystorageinvestments |