IEA report claims batteries are ‘changing the game’

According to the report, the cost of batteries has fallen by 90 per cent over the past 15 years, one of the most dramatic ever reductions in the history of clean technology. This has been driven in part by the expansion of the electric vehicle market, where sales have gone from 3 million in 2020 to almost 14 million in 2023.

However, the biggest surge has come from the power sector, which today accounts for over 90 per cent of battery demand. According to the IEA, battery deployment for the power sector increased by more than 130 per cent year-on-year in 2023, adding a total of 42 gigawatts to electricity systems around the world.

 “The electricity and transport sectors are two key pillars for bringing down emissions quickly enough to meet the targets agreed at COP28 and keep open the possibility of limiting global warming to 1.5°C,” said IEA Executive Director Fatih Birol.