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Published: 20 Jan 2021, 04:56
By:
Andy Colthorpe
McKinsey also said that the COVID-19 pandemic s impact on long-term power growth demand will be limited. Image: Solarcentury.
Renewable energy uptake and the falling costs of battery energy storage are “inexorably linked” as the global economy faces a crucial decade ahead in its urgent need to decarbonise, according to work by McKinsey & Company.
Bram Smeets, an associate partner at the prominent management consultancy group told
Energy-Storage.news that continuously falling battery prices will enable the rapid growth of renewable energy capacity. McKinsey’s Global Energy Perspective 2021 report was published earlier this month and predicts that, with many of the world’s leaders putting policies in place to support decarbonisation and technology costs falling, renewable energy will make up around 55% of global power generation by 2035.