24/7 Carbon-Free Electricity Procurement Could be a Key
New auction designs such as those pioneered by India can accelerate deployment of mature renewable and energy storage technologies. Reforming grid planning and operation
Enabling clean power procurement has already become a key source of funding to accelerate deployment of clean electricity and reducing corporations' emissions. Currently, when a company considers clean power procurement, the most common strategy is to match its annual electricity consumption with purchases of renewable energy.
Battery-based energy storage systems are the most economic option that can be deployed quickly. Longer term, India will also need more long-duration energy storage options such as pumped hydro. Source: BloombergNEF New Energy Outlook 2024. Note: PV is solar photovoltaic.
Battery-based energy storage systems have also become economically viable thanks to cheaper lithium-ion batteries. Under the NZS, the share of electricity supplied by all renewables combined (including hydro, biomass, geothermal and other renewables) rises to 81% in 2050. Source: BloombergNEF New Energy Outlook 2004.
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