A recent World Economic Forum report found that, in the right conditions, battery technologies could reduce emissions in the transport and power sectors by 30% - enough to hit the 2 °C Paris Agreement target.

GlobalData's power technology writer Scarlett Evans says: "Finding and popularising low-carbon energy sources has rapidly become a global priority, and the World Economic Forum (WEF) report was created with this mission in mind. Presenting a case for battery investment, the report identifies the industry as possibly 'the most significant' intervention in meeting the Paris temperature targets and, if coupled with other technologies, capable of setting a course to achieve the 1.5C goal.

"The stage is set for batteries to see widespread adoption, and it seems the industry is at a tipping point in ensuring the benefits of this green energy alternative are reaped.

"The report suggests that the global battery value chain will need to expand 19-fold, costing an estimated $550m in investments over the next decade."

Global Battery Alliance (GBA) co-chair Benedikt Sobotka told GlobalData: "Left to its own devices, the current battery value chain could not create these important benefits. A significant scale-up is required to create a much more sustainable, responsible value chain.

"Batteries are key to decarbonising road transportation and supporting the transition to a renewable power system. They can also ensure more value is generated out of them while in use, and harvested at the end of their life.

"A strong momentum is in motion. However, unless appropriate action is taken our collective 'carbon budget' may be used up by 2035 and decarbonisation may come too late. 

"Collaboration among a plethora of sectors including businesses, governments, academia, NGOs and civil society is needed in order to unlock batteries' significant socioeconomic potential."

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