Battery initiative to promote renewable energy in developing countries

The goal is to secure financing for battery storage systems that can store at least 5 GW of power in order to make it much more attractive to invest in renewable energy such as solar and wind power.

‘Half of the world’s population live with an energy deficit, and lack access to reliable, affordable electricity. They need an increased energy supply and it must be renewable. We will not be able to achieve our global climate targets unless the developing countries, too, can take part in the ongoing energy transition,’ said Prime Minster Støre.

11 developing countries                 

The Prime Minister co-chairs the Global Leadership Council under the Global Energy Alliance for People and Planet (GEAPP), an alliance of some of the world’s largest philanthropic foundations, the most important development actors and a number of organisations with technical expertise. The GEAPP launched its battery consortium initiative at a COP28 event on Friday.

‘Individuals and businesses in developing countries regularly experience power outages and periods of time the grid has insufficient power. We need to take steps to provide them with access to renewable energy also at times when there is no sun or wind. Batteries that can store energy and provide reliable access to electricity are essential to encourage people to invest in renewable energy,’ said Mr Støre.

Eleven developing countries will be participating in the battery initiative: Egypt, Kenya, Barbados, Ghana, Togo, Mauritania, India, Malawi, Belize, Nigeria og Mosambik.

Thinking along new lines                                                
In 2022, CO₂ emissions from the energy sector amounted to almost 37 billion tonnes of a global total of 50 billion tonnes.

‘These figures illustrate the significant role that the energy transition will play in achieving the climate targets. At the same time, there are some 750 million people who have no access to electricity at all. If emerging economies rely on the use of fossil fuels to reach their development goals, these countries will be responsible for 75 % of all global emissions by 2050. It is therefore vital to include the developing countries in the energy transition,’ said Mr Støre.

Global investment in renewable energy is expanding but not quickly enough. Africa receives a very small proportion of global investments in renewable energy. GEAPP aims to change this in a number of ways, including through the strategic deployment of risk capital from philanthropic foundations.

‘If we are to succeed in combating climate change, we must think along new lines, find new forms of cooperation and build new alliances. Initiatives such as these are crucial because we cannot resolve the challenges facing us without the help of private capital,’ said Mr Støre.

The initiative has been established in record time. The plan to present the initiative was announced in April 2023 and was confirmed at a meeting held in New York in September.

The initiative was formally launched during COP28 with the participation of eleven developing countries and a number of consortium resource and funding partners, such as the World Bank and the regional development banks.

 

Facts about the battery energy storage consortium                        

• GEAPP proposed the Battery Energy Storage Systems (BESS) Consortium in April 2023 and the initiative was confirmed during a meeting in the margins of the UN General Assembly in September. The initiative was formally launched by Prime Minister Støre at a COP28 event.
  
  
• At the time of the launch, the following developing countries have formally expressed interest in participating in the consortium: Egypt, Kenya, Barbados, Ghana, Togo, Mauritania, India, Malawi, Belize, Nigeria og Mosambik. These are joined by a number of resource and funding partners, including  the African Development Bank, the World Bank, the Asian Development Bank, the Inter-American Development Bank, the Agence Française de Développement, the Rocky Mountain Institute, Africa50, COP28 Presidency, Masdar, Infinity Power, AMEA Power, GIZ, NREL, Net Zero World and Sustainable Energy for All.

Facts about GEAPP                               

• The Global Energy Alliance for People and Planet (GEAPP) was launched at COP26 in 2021.
  
  
• GEAPP is an alliance between some of the world’s largest philanthropic foundations (Rockefeller Foundation, IKEA Foundation and Bezos Earth Fund), all the major development actors (the World Bank, the regional development banks, USAID, GIZ) and a number of organisations with technical expertise.
  
  
• GEAPP’s aim is to avert 4 billion tonnes of CO₂ by 2030, improve access to energy for 1 billion people, and create 150 million new jobs.
  
  
• GEAPP works to accelerate investments in renewable energy in developing countries focuses efforts in particular on battery and energy storage solutions, and distributed energy systems.
  
  
• Distributed energy systems is a collective term for a variety of technological solutions where the energy is produced close to the consumers. These system can be installed quickly and are considered by the IEA to be the best way to reach people who currently lack access to electricity.
  
  
• Prime Minister Jonas Gahr Støre co-chairs GEAPP’s Global Leadership Council together with the President of the Rockefeller Foundation, Dr Rajiv Shah.