The Paris Agreement Bounces Back

The Paris Agreement Bounces Back

With the Biden administration re-entering the Paris-agreement the future for the climate challenge and energy transition looks brighter than just a while ago. The agreement is part of UN’s Agenda 2030, signed by 196 nations. Mine storage contributes directly to two of the 17 sustainable development goals that are central to Agenda 2030.

Grid-scale storage is a prerequisite for the energy-transition, as it is capable of balancing up the required amount of weather dependent power entering our energy systems. The most proven technology for grid-scale storage is Pumped Storage Hydropower, which is now rising on the agendas of governments and industrial organisations such as the International Hydropower Association.

Mine Storage is a development of Pumped Storage deployed in abandoned mines, minimizing environmental impact in a closed-loop, and utilizing existing heads in the caverns. Mine Storage is a value-driven company contributing directly to several of the sustainable development goals. Two of these are goal #13 ”Climate Action”, and goal #7 ”Affordable, Green Energy”.

Firstly, The Climate Action goal is central to the Paris-agreement where the objective is to limit global warming to 1.5 degrees Celsius, which means that greenhouse emissions need to decrease by 7.6 % per year from 2020 and on. Coal-fired power production accounts for 28 % of the carbon footprint, and this needs to be quickly replaced by renewables. Renewables are weather dependent and causes imbalances to the grid, which needs to be in balance at all times. Mine Storage makes a difference with it’s grid-scale potential. With long discharge times of hours to days, and short response times of seconds, the solution is greatly suitable for keeping the lights on when the wind isn’t blowing, or for storing energy to meet later demands.

Secondly, Affordable, Green Energy is important to the health and wellbeing for the societies and ecosystems globally. With the electrification and digitalisation we are facing the largest societal transition in modern history. Fossil-fueled power generation is pushed out by renewables, putting large pressure on the power transmission utilities. Mine storage eases the pressure on the grid, and enables that more renewable power generation can be connected to the systems. It offers a reliable and large scale balancing resource for grid owners, but also for power producers protecting their production. It is also a viable behind the meter-solution for large industrial consumers with high loads such as steel works, mines or datacenters. With a lifespan of up to 100 years and uncomparable scale, it provides both energy and power to the lowest cost. Furthermore it adds much needed inertia to the system making it a true and sustainable enabler of meeting the goals that we jointly have committed to.