Battery investments in the region will triple in 2023.
Battery storage investments in the Asia Pacific, excluding China, rose by 27% year-on-year in 2022 to reach over $1b.
In a report, the International Energy Agency cited the Government of India which has set “ambitious targets” for battery storage.
It added that India allocated over $2b under the National Programme on Advanced Chemistry Cell Battery Storage which will boost the creation of a domestic value chain for batteries.
“Other developing countries have also shown growth, although the absolute level of investment remains relatively low,” it said.
For 2023, IEA expects investments in the region to triple.
Globally, investments reached $20b in 2022. Investments in China alone tripled to reach almost $8b.
