According to the report, energy investments are preventing the world from achieving its renewable energy target

Despite last year’s $1.8 trillion increase in clean energy investment globally, investment remains below the level needed to meet the COP28 goal of tripling renewable capacity by 2030, according to the latest EY Renewable Energy Country Attractiveness Index (RECAI). .

This issue of RECAI focuses on BESS. The report shows that the United States, strengthened by a 30% IRA tax break, ranks first in the ranking of the world’s most attractive markets for BESS investments. In second place is China, with strong government support, subsidies and cost reduction plans. Rounding out the top three is the United Kingdom, with its sophisticated energy market structure and a new energy bill classifying BESS as a generation asset.

Global BESS deployment is forecast to quadruple between 2023 and 2030, reaching 572 GW.

“Scaling battery energy storage systems can help solve many of the issues holding back clean energy progress, including stabilizing and strengthening grid infrastructure and enabling more distributed energy resources to connect to the grid,” says EY’s Arnaud de Giovanni.

“Focusing on four factors can help investors navigate this complex, highly regionalized and rapidly changing market. These include building a resilient investment case, taking steps to keep the technology competitive, establishing the optimal business model or financing structure, and mitigating supply chain risk.