The climate crisis is no longer a distant threat; it’s a reality that COP29 is gearing up to face. Climate change impacts all corners of the globe with increasing frequency and severity. Heatwaves, wildfires, floods, and biodiversity loss are all reminders of the urgent need for global action. International attention is fixed on Baku, where international climate talks begin today, lasting until November 22nd. These will define the next phase of global climate action.
COP29 comes at a moment, just three months ahead of the 2025 deadline for countries to renew their nationally determined contributions (NDC). An NDC is each country’s plan for reducing emissions and addressing climate change, set under the Paris Agreement. Decisions made here will influence how rapidly the world can transition from fossil fuel reliance to renewable power. For Storelectric, COP29 is not only a stage for policy development but an opportunity for the world to understand how crucial energy storage is for decarbonisation.
COP29 is also set to focus on setting global climate finance goals, to fast-track international decarbonisation. COP29 will also focus on creating an inclusive transition framework that supports all countries in meeting their NDCs. At Storelectric, we believe that long-duration energy storage (LDES) will be instrumental in achieving these goals. This article will pull on our in-house experts to discuss the role of energy storage, like Storelectric’s technology, in realising COP29’s ambitions.
Our energy experts
Trevor Bailey, Chairman
Trevor brings over 30 years of expertise in the energy industry to Storelectric. Since joining the board in 2022, his understanding of market dynamics has been instrumental in guiding the company’s strategic direction within the sector.
Tallat Azad, Managing Director
Tallat has more than three decades of global, multidisciplinary experience in the power industry. As Managing Director, he has forged international partnerships and identified critical funding opportunities to advance Storelectric’s pioneering energy storage solution.
Jeff Draper, Founder
Jeff is a physicist, inventor, and former chartered accountant who founded Storelectric with a vision for sustainable energy storage. Committed to supporting the UK’s journey to net zero, he has focused on developing a green energy storage solution using proven, readily available technology.
Key Themes at COP 29
This year’s COP conference marks the 29th gathering of the United Nations Framework Convention on Climate Change (UNFCCC). COP29’s themes focus on:
1. Limiting global warming to 1.5°C,
2. Enhancing ambition and enabling action, and
3. Ensuring an inclusive, just transition.
These themes align directly with Storelectric’s vision for a greener future. Our mission is to deliver scalable, zero-emission energy storage solutions that drive the global energy transition forward. Our technologies are built to support a net-zero future by capturing and storing renewable energy for reliable, on-demand use. By providing long-duration energy storage (LDES), Storelectric enables the flexibility and stability required for a future free from fossil fuels. We can ensure that renewable power will meet both current and future demands.
The Finance COP
COP29, dubbed the “Finance COP” seeks to mobilise $1 trillion annually post-2025 for climate mitigation and adaptation. Such financial support is essential to create a secure, adaptable green energy future.
Trevor Bailey, Storelectric’s chairman, shared his thoughts on the role of climate finance and energy storage in achieving COP29’s goals:
“First and foremost, we need to invest in a holistic approach to delivering a reliable, sustainable energy infrastructure that can accommodate increasing levels of green, volatile energy supply. Storage in all its forms is a crucial element of this strategy.
Looking back over the past century, it’s clear that no single technology can address all the challenges we face. Financing a broader integration of technologies is essential to creating the systems-based solutions we need.
Regulatory focus should shift towards incentivising the financing of this systems-based thinking, rather than breaking it into disconnected ‘packets.’ We have all the components necessary to make the energy transition work. Climate finance now needs to focus on ‘connecting the dots’ to make the system function effectively. Without clear market-driven demand, new green technologies remain little more than science projects.”
Where Has Top-Down Climate Financing Worked Already?
A real-life example of how climate financing can drive nation wide infrastructure advancements is Germany’s hydrogen strategy. The German government has leveraged climate finance through its National Hydrogen Strategy, which includes substantial funding programs and incentives. For instance, the government has allocated up to €3.53 billion for green hydrogen procurement. This is alongside €3.2 billion in state aid for hydrogen pipeline construction. These investments are part of the broader Important Projects of Common European Interest (IPCEI), which support large-scale hydrogen projects across Europe.
Thanks to this financial support, Germany’s hydrogen infrastructure has expanded rapidly. A core hydrogen network, projected to span over 9,000 km by 2032, along with hydrogen refuelling stations and port facilities, are direct outcomes of these investments. This highlights the pivotal role of climate finance in driving tangible change. It also highlights how government incentives can effectively mobilise investment in the infrastructure needed to decarbonise a nation.
Why Energy Storage Matters to achieving COP29’s goals
COP29 aims to accelerate the transition from fossil fuels to renewable energy, adopting an inclusive approach for developing nations. As renewable generation expands globally, existing grid systems can struggle to manage the increased energy production. This can result in curtailment costs and wasted excess energy. LDES addresses this by storing surplus energy and releasing it during peak demand. Our existing power systems can be upgraded by LDES to allow secure energy without dependence on fossil fuels.
COP29 Energy Storage Pledge
This year’s conference has already highlighted the critical need for energy storage. Last month the COP29 Presidency called on world leaders to sign a pledge to increase global energy storage capacity to 1,500 GW by 2030. This initiative aligns with commitments from G7 and G20 nations and reflects findings from the International Energy Agency (IEA). The IEA emphasised that we will need 1.5 TW of storage to meet renewable energy targets. The Energy Storage and Grids Pledge recognises the vital role of storage in decarbonising the power sector. It acknowledges also advocates for the removal of investment barriers and substantial infrastructure improvements.
Tallat Azad, Storelectric’s Managing Director, shared his perspective on the importance of large-scale, long-duration energy storage (LDES) for grid stability:
“The UK grid’s stability hinges on balancing multiple energy services: baseload, dispatchable, balancing, and ancillary. All are essential to ensure reliability at any demand level. As we transition to renewable energy sources, the role of LDES is critical. Unlike traditional dispatchable sources, renewables need storage solutions that can maintain power supply across fluctuating periods of energy generation.
By storing our ever-increasing surplus energy and releasing it when needed, LDES technologies, like Storelectric’s CAES, enable a stable, zero-emissions power system. This reduces the need for costly balancing services or capacity subsidies. We instead see a resilient grid and manageable energy costs as we shift to cleaner sources.”
Our Energy Storage Technology
1. Green CAES™: Our green LDES system stores surplus energy by compressing air and pumping it into underground caverns. Unlike traditional CAES, which relies on gas-fired power stations and emits CO₂, Green CAES™ captures and recycles the heat generated during air compression to improve efficiency and eliminate emissions. This versatile and scalable solution is therefore optimised for diverse locations.
2. Hydrogen CAES: This system integrates compressed air energy storage with hydrogen, providing flexible, energy-dense storage to meet long-term power needs. By harnessing hydrogen’s high energy density, Hydrogen CAES increases efficiency by 10–15% compared to traditional systems. It is particularly valuable for decarbonising sectors with substantial energy demands, such as heavy industry and transport. Geological storage is the only way to safely store massive amounts of hydrogen.
3. Hydrogen Patent: Building on the strengths of Hydrogen CAES, this technology combines hydrogen storage, energy storage and hydrogen production. Our hydrogen patent utilises the heat of compression from CAES to catalyse electrolysis, producing hydrogen. This system offers a robust solution for the evolving energy landscape, ensuring reliable energy supply and facilitating the decarbonisation of hard-to-abate sectors.
How Storelectric’s technology supports COP29’s ambitions
COP29 Focus 1: Limiting Global Warming to 1.5°C
LDES is pivotal in limiting global warming by ensuring that renewable energy is available whenever it’s needed. Since renewable energy is weather-dependent, it is subject to natural variation. Solar and wind energy rely on sunshine and high winds, which don’t happen at a consistent rate. This can lead to supply shortfalls during high-demand periods. Fossil fuels have traditionally filled this gap, but as the world transitions away from carbon-intensive energy, LDES solutions are essential. By storing renewable energy during peak production and releasing it when production dips, LDES ensures a reliable, emissions-free energy supply, 24/7. This capability allows nations to increasingly rely on renewable energy for dependable power, which could eventually replace fossil fuels entirely.
Storelectric’s Green CAES™ captures and stores surplus energy by compressing air and storing it in underground caverns. During peak demand, the compressed air is released to generate power. Unlike traditional CAES systems, which burn natural gas and produce emissions, Green CAES™ recycles the heat generated during the compression phase. This heat recovery not only enhances the system’s efficiency but also ensures that the energy storage process is emissions-free.
Green CAES™ supports COP29’s mission by enabling renewables to serve as a consistent and flexible power source. LDES technologies like Green CAES™ facilitate a shift away from fossil fuels, reducing greenhouse gas emissions and helping limit global warming to within the 1.5°C target. This aligns directly with COP29’s goals of accelerating the global transition to renewables, achieving greater emissions cuts, and stabilising global temperatures.
COP29 Focus 2: Enhancing Ambition and Enabling Action
At COP29, global leaders have been urged to scale up energy storage capacity to 1,500 GW by 2030. This reflects the need for enhanced ambition in the energy sector. The swift advancement of renewable energy sources marks a significant step forward. However, it has presented challenges for older grid systems that struggle to manage the increased energy production. This has led to curtailment costs and wasted energy. LDES mitigates this issue, facilitating substantial growth in renewable energy, and empowering countries to achieve and extend their energy transition goals.
By storing surplus energy produced during low-demand periods and releasing it during peak demand, Storelectric’s LDES solution helps prevent grid overload. This capability not only stabilises the grid but also enables renewable energy to be a secure power source. Deploying LDES can support enhancing climate ambitions by enabling more renewable generation without fears of curtailment costs, and our ability to repurpose salt caverns which were once used to store fossil fuels enables action at a much faster pace than if they were to be purpose-made.
Jeff Draper, founder of Storelectric, highlighted the critical role of energy storage in minimising energy waste:
“Russia’s invasion of Ukraine caused a gas crisis and widespread panic, underscoring the importance of addressing seasonal energy generation. As we electrify heating and move away from fossil fuels, the question arises: how do we ensure reliable heat supply? This is where energy storage comes into play. You can’t force renewables to produce more energy on demand, but storage bridges the gap between supply and demand.
With sufficient energy storage, we can store surplus renewable energy and release it when needed, ensuring a stable and reliable power supply. This not only minimises energy waste but also allows nations to enhance their climate ambitions by integrating more renewable generation without the need for curtailment. Despite the significant increase in renewable energy, it still only accounts for a twentieth of the total energy system, which is heavily dominated by oil and gas. A large enough battery, which is what CAES functions as, can solve many issues related to daily energy fluctuations, making the transition to a cleaner energy system more feasible and resilient, supporting even the most ambitious renewable generation capacity goals.”
Tallat also shared his view on the importance of energy storage in balancing the grid.
“Curtailment costs are escalating annually, and have doubled since 2020 for wind energy alone over the past two years. As the Managing Director of Siemens Oil and Gas UK aptly puts it, ‘the wind blows when the wind blows, but you want your dinner when you want your dinner.’
We can balance the grid without relying on fossil fuel power stations, by employing a combination of balancing technologies. These include large-scale, long-duration storage solutions and grid-connected batteries to manage short-term demand fluctuations. NESO has recommended that achieving a clean power system by 2030 will require installed generation and storage capacity of around 210 GW to 220 GW. While pumped hydro and Compressed Air Energy Storage (CAES) are capable of meeting these requirements, the UK’s potential for pumped hydro is very limited, remote, and costly. This makes CAES a crucial technology for managing curtailment and ensuring a stable, reliable energy supply.”
Enabling Action With Hydrogen
Additionally, our Hydrogen CAES technology could play a crucial role in enhancing energy storage capacity and decarbonising sectors that are difficult to electrify, such as heavy industry and transport. By combining CAES with hydrogen, our system increases efficiency by 10–15% while leveraging hydrogen’s high energy density, offering flexible and dense energy storage solutions that can meet long-term power needs.
Trevor shared his insights on the pivotal role of green hydrogen in the energy transition:
“Green hydrogen presents a significant opportunity to address the challenges of decarbonising hard-to-abate industrial processes. These processes, such as steel production, chemical manufacturing, and heavy transportation, have huge energy demands and are difficult to electrify. They traditionally rely on fossil fuels, resulting in substantial carbon emissions.
Green hydrogen, produced using renewable energy, can replace these fossil fuels, providing a clean and sustainable alternative. This makes it a crucial component of a comprehensive and holistic green energy model. As we look towards a sustainable energy future, it’s essential to recognise the roles that various energy sources play. Renewable energy, blue and green hydrogen, and nuclear power each contribute uniquely to the transition towards a future.
By integrating these diverse sources, we can build a resilient and environmentally friendly energy system that effectively tackles climate change.”
COP 29 Focus 3: Ensuring an Inclusive, Just Transition
Supporting Developing Nations to Decarbonise
An inclusive and just transition is a key ambition for COP29, especially considering that developing nations often face significant barriers in accessing or generating clean energy. Transitioning to renewable energy can be costly, requiring infrastructure, technology, and expertise that may not be readily available in these regions. Additionally, many developing countries are more vulnerable to the effects of climate change, making it crucial for them to have secure and reliable energy sources to support economic growth and resilience.
Storelectric’s technologies could help address these challenges by providing accessible and adaptable energy storage solutions. Our Green CAES™ system, for example, is designed to use readily available components from a range of suppliers, which helps make it cost-effective and feasible for diverse regions with varying supply chains. The system’s ability to operate across a wide range of cavern pressures also means it can be deployed in different geological environments, making it suitable for countries with varying natural resources and geographical characteristics.
This adaptability allows Green CAES™ to support renewable energy storage in regions where other energy storage options might be impractical or prohibitively expensive. By making renewable energy a more viable and secure option, Storelectric’s technology could help developing nations reduce their reliance on fossil fuels and improve their energy security. In turn, this would support a more equitable energy transition, enabling these countries to meet their climate goals and adapt to a low-carbon economy on their own terms, while also fostering economic growth, energy independence, and long-term sustainability.
Supporting the Fossil Fuel Workforce Through the Transition to Green Energy
Another crucial element of a just transition is supporting workers from the fossil fuel industry as internationally, we move towards renewable energy generation. This involves supporting green re-skilling programs to enable workers to thrive in the clean energy economy.
Our technology has the potential to create numerous jobs in areas of green re-industrialisation. Here, the skills of former fossil fuel workers will be invaluable. The Canadian Institute for Resources, Environment, and Sustainability conducted a systematic review of the key elements of a just transition for fossil fuel workers. They concluded that these workers’ skills closely match the green energy industry more than any other sector. Because of this, many workers could seamlessly integrate their existing expertise into emerging green jobs.
As Storelectric’s solutions, and other clean technology scales up, we anticipate a significant demand for skilled workers in the green energy sector. Fossil fuel workers will be able to fill these roles with minimal re-skilling required. This is thanks to their experience and transferable skills. We are keen to facilitate and support this transition. Green reskilling can ensuring that nobody is left without work. Instead, these workers can sit at the forefront of the green energy revolution.
Green Re-skilling in the Storelectric Team
Our story began with the green re-skilling of ex-fossil fuel workers, and this remains central to our vision. Many of our team members previously worked in the fossil fuel industry. They recognised the importance of decarbonisation, and thus the value of their skills and experience in supporting the energy transition. Storelectric is built on the foundation of individuals who have successfully transferred their expertise to the fight against climate change. By continuing to invest in the development and deployment of green technologies, we aim to create a sustainable future that benefits both the environment and the workforce. The transition to renewable energy is not just about technology; it’s about people. Ensuring that workers from traditional energy sectors are supported as the green economy develops is essential for a just transition.
Looking beyond COP29
As COP29 gets going, with an intensified push to limit warming to 1.5˚C, the need for long-duration energy storage has never been more urgent. Storelectric’s innovations in CAES address the core challenges of the energy transition by providing scalable, zero-emission solutions for renewable energy storage.
Our founder Jeff Draper shared his vision for achieving the ambitious climate goals set at COP29:
“To achieve COP29’s goals, we must adopt a holistic approach to the energy transition, where collaboration, not division, drives progress. With an ‘us and them’ mentality, we will never be able to work together to create a green future. While we cannot force renewable energy sources to generate on demand, long-duration energy storage (LDES) serves as the crucial bridge, enabling us to harness excess energy and store it for when it’s needed most. This isn’t just a short-term fix; it’s a long-term solution that allows us to generate energy and create a network of vast, green batteries capable of supporting the energy demands of entire countries.
Moving away from fossil fuels and embracing hydrogen power and energy storage — technology which is available now — offers a tangible path forward. By securing the climate financing necessary to make this path a reality proving as COP29 is setting out to do, we can accelerate the global transition to a secure, green energy future. The time for action is now — why wait?”
