The World Economic Forum (WEF) says China’s next step in its transition to renewables is the massive deployment of commercial and industrial energy-storage systems. With most developed countries working to cut their greenhouse-gas emissions, China has invested billions of dollars into its fledgling green-energy industry over the past several years. The result is a massive deployment of wind and especially solar energy farms.
In 2023 alone, China installed more solar panels than the United States installed in its entire history, putting the east Asian country at the forefront of global solar-energy deployment. However, due to their intermittent nature, renewables are most effective when they operate alongside stationary energy facilities that can store excess energy during peak production times and release it to the grid during peak consumption hours.
China made a breakthrough in commercial and industrial energy storage last year and now boasts a significant amount of grid-side and generation-side energy storage. These systems comprise a whopping 97% of the new energy-storage capacity China deployed in 2023. With enough commercial and industrial energy-storage capacity, China’s massive network of solar panels could begin to reliably supply power to the national grid.
The combination of renewables and energy storage will be key to China achieving its dual carbon strategies as well as the green-energy goals set by the Paris Agreement. As the Asian nation currently produces the most emissions on the globe, thanks to its heavily industrial economy, achieving its carbon-neutrality goals will also cut global emissions by a significant margin. Unfortunately, its transition to clean energy has been repeatedly hindered by challenges such as the intermittent supply of renewables, including solar.
Combining renewable energy distribution with storage will allow China to overcome many of the issues currently making its clean-energy transition difficult by finally balancing clean-energy supply and boosting the efficiency of power utilization. The combined deployment of clean energy and energy storage would also make China’s burgeoning electric-vehicle industry much cleaner because it would allow more EV drivers in the country to charge their cars with renewable energy.
The country currently boasts the largest electric-vehicle market on the globe with more than 150 producers and some of the world’s most affordable electric cars. A fleet of electric cars powered by clean energy from China’s network of solar and wind farms and energy-storage facilities would bring the country significantly closer to achieving its carbon-neutrality goals.
Elsewhere, entities such as Correlate Energy Corp. (OTCQB: CIPI) are rising to the challenges faced by energy grids to pioneer decentralized energy-generation solutions so that clean energy can get to more users without being hamstrung by the inefficiencies currently present in the grid system.
NOTE TO INVESTORS: The latest news and updates relating to Correlate Energy Corp. (OTCQB: CIPI) are available in the company’s newsroom at https://ibn.fm/CIPI
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