The executive director of the International Energy Agency (IEA), Fatih Birol, said that the turmoil in the oil sector caused by the covid-19 pandemic gives governments the perfect opportunity to embrace green energy as a source of jobs that also serves climate goals.
In an interview with Reuters, Birol said that not only well-established technologies, such as those behind solar and wind generation should receive a boost, but also lithium-ion batteries and the use of electrolysis to produce hydrogen from water should be candidates for subsidies and policy support.
Besides being the backbone of electric vehicles and electronic devices, li-ion batteries are becoming more and more important in solar and wind farms to store energy when nature is not doing its part.
“Lithium-ion batteries are now a technology opportunity for the wider energy sector, well beyond just transport,” a recent report by the IEA states. “There is a need for manufacturing capacity to grow further. Assuming that the global auto industry’s announced targets for electric vehicle production are met despite the covid-19 crisis, around 1,000 GWh of battery manufacturing capacity would be needed in 2025. This output would require the equivalent of 50 plants, each on the scale of a Tesla Gigafactory.”