Improving energy storage and ensuring energy security will be key in ensuring global economies’ shift from fossil fuels to renewable energy sources, Union Minister of Power, and New and Renewable Energy R K Singh said Sunday.
While delivering the keynote address at the first Energy Transitions Working Group Meeting of G20 nations, Singh said a complete transition to renewable energy from fossil fuel sources cannot happen until the cost of energy storage is reduced. “Price of storage is four times the price of energy,” he said, noting that such high costs have made rapid adoption of renewable energy sources unviable.
