The Role of Energy Storage Technologies in Decarbonizing Energy Sector

Abstract

The requirement to increase the storage capacity of wind and solar energy technologies leads to a higher demand for energy storage, which is reflected in scaling up a diverse blend of hardware and software technology solutions. The literature on energy storage supports an integrated approach, incorporating different factors to explain and handle energy decarbonization. The present research builds on this inquiry and investigates the general attitude toward energy storage adoption and use, covering issues such as economic constraints, industry acceptance, contemporary technology, and regulatory barriers. The researcher used a focus group methodology, bringing together seven participants to generate data. This approach capitalized on communication and interaction between research participants. They were asked about their opinions on the investigated model and were guided through the research questions via a facilitated discussion. Research has shown that energy produced from wind and solar energy requires additional storage capacity. While decreasing battery prices contribute to the growth of energy storage, grid-scale battery additions still need to increase. For this reason, the role of international financial institutions in unlocking capital and knowledge, particularly in the context of developing countries, becomes even more prominent.

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