Current Long-Duration Energy Storage Technologies Can Cut Industrial Emissions by up to 65%
BRUSSELS – Long-duration energy storage (LDES) can abate up to 65% of industrial emissions using existing technologies, according to a new report from the LDES Council and Roland Berger.
Industrial carbon dioxide emissions account for around one quarter of greenhouse gasses emitted annually worldwide. Growing by more than two percent annually, these industrial emissions are increasing the difficulty of achieving global net-zero emissions targets. The Driving to Net Zero Industry Through Long Duration Energy Storage report concludes the four categories of LDES technology – electrochemical, thermal, mechanical, and chemical – are viable, cost-effective, and readily applicable options now for industrial decarbonization when paired with renewable energy.
By storing energy during the lowest cost times or during periods when production is higher than consumption, long-duration energy storage provides reliable power for off-grid applications and reliable heat and power for grid connected industrial applications.
Julia Souder, CEO of the LDES Council, said: “Decarbonizing industry is one of the largest challenges we face on our journey to achieve net zero. This report finds there is no time to waste and no reason to delay action. LDES and renewables can be crucial in cost-effectively reducing emissions across key industrial sectors in the short, medium, and long term.”
In off-grid facilities, LDES can replace expensive diesel fuel with more affordable renewable electricity, providing round-the-clock power for industrial customers.
Providing energy storage beyond ten hours can enable remote mines, data centers, and other off-grid industrial operations to run on 24-7 carbon-free power.
LDES also supports decarbonizing high-temperature industrial manufacturing, which currently relies on burning fossil fuels to produce heat.
This demand for industrial heat is expected to grow by 34% between 2019 and 2040, with low and medium-temperature heat the fastest-growing segments.
LDES can reduce these emissions at food processing and chemical facilities with heat requirements below 500°C. The food and chemicals industries alone account for over 20% of industrial emissions. Meeting their needs with thermal energy storage solutions powered by electricity from the grid will have a sizable impact on global emissions.
To meet these targets, new policy mechanisms may be necessary to bridge current cost gaps. Long-term market signals, secure revenue mechanisms, and technology support will accelerate industrial decarbonization.
Julia Souder continued: “Many of the world’s biggest companies are adopting long duration energy storage technologies to support industrial processes. However, we require policy-makers to create the right market mechanisms and provide effective support to supercharge the success of these solutions.”
About the LDES Council
The Long Duration Energy Storage Council is a global nonprofit advancing decarbonization by facilitating the accelerated deployment of long-duration energy storage. The executive-led organization convenes members, publishes research, and serves as an advocate to advance the goals and objectives of the energy companies, equipment manufacturers, financial institutions, and technology innovators it represents. http://www.ldescouncil.com/
About Roland Berger
Roland Berger is the only management consultancy of European heritage with a strong international footprint. As an independent firm, solely owned by our Partners, we operate 51 offices in all major markets. Our 3000 employees offer a unique combination of an analytical approach and an empathic attitude. Driven by our values of entrepreneurship, excellence and empathy, we at Roland Berger are convinced that the world needs a new sustainable paradigm that takes the entire value cycle into account. Working in cross-competence teams across all relevant industries and business functions, we provide the best expertise to meet the profound challenges of today and tomorrow. www.rolandberger.com.