05:47 AM EDT, 04/25/2024 (MT Newswires) -- Battery deployment in the global power sector more than doubled in 2023, a growth rate that outpaced almost all other clean energy technologies, but still isn't enough to reach the world's climate goals, the International Energy Agency said in a report released Thursday.

Falling costs, advancing innovation and supportive industrial policies drove the 130% growth, which added 42 gigawatts to electricity systems around the world. Battery costs have fallen by more than 90% in less than 15 years, one of the fastest declines in clean energy technologies, the IEA said. The energy sector accounts for more than 90% of overall battery demand.

In the transport sector, batteries have helped ignite a surge in electric car sales, which jumped from 3 million in 2020 to nearly 14 million last year, according to the agency. Growth is expected to strengthen in the coming years.

However, battery deployment will still need to scale up by the end of the decade to get the world on track to meet energy and climate goals. These goals, set at the COP28 climate summit, include tripling renewable energy capacity by 2030, doubling the pace of energy efficiency improvements and transitioning away from fossil fuels.

Batteries will need to lead a six-fold increase in global energy storage capacity by 2030, accounting for 90% of that growth, the IEA reported. Most of the remaining growth will be driven by pumped hydropower.

To triple global renewable energy capacity by 2030, 1,500 gigawatts of battery storage will be required, the agency noted.

"Batteries will provide the foundations in both areas, playing an invaluable role in scaling up renewables and electrifying transport while delivering secure and sustainable energy for businesses and households," said IEA Executive Director Fatih Birol.