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Figure 18 explores two scenarios for the global growth of TES for cooling applications,7 with the increasing demand for cooling based on two cases: one a current policies scenario, the Planned Energy Scenario; and the other a climate-compatible case, the Transforming Energy Scenario, largely based on renewable energy and energy efficiency technologies. In the first scenario, TES for cooling grows at the current rate. In the Transforming Energy Scenario, global installationsofTESforcoolingwouldgrowaccordingto the ratio of installed capacity to cooling demand in the United States8 – a country with a profile of significant deployment of cooling TES. A twofold increase in global deployment of cooling TES is required to meet cooling demands, enabling more demand-side flexibility options. In parallel, technological advancements (e.g. digitalisation and improved storage capacities) and increased efficiencies are needed, as well as implementation of energy efficiency measures in buildings. As mentioned previously, 2020-2023 will be a crucial period to implement policies that can accelerate cooling TES technologies to match the deployment rate of the US at a global scale (refer to Chapter 5). Considering current installation costs for cooling TES technologies, an estimate of the investment needed to reach the Transforming Energy Scenario can be calculated. Taking an average installation cost of TES for district and building cooling of USD 60-230/kWh, approximately USD 560 million– 2.82 billion in investment would be needed in cooling TES deployment across the next ten years for global capacity to reach similar deployment levels as the United States. Figure 18: Installed and projected TES capacity for space cooling at a global level 30 25 20 15 10 5 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Transforming Energy Scenario (TES) 2029 2030 Planned energy scenario 7 Projections exclude aquifer thermal energy storage (ATES) due to limitations on technical, geographical and resource data availability (see box). 8 Note that this does not imply that the United States has an optimal amount of installed cooling TES, but its high availability of project and cooling demand data allow its case to serve as a reference for increased global deployment of the technology. THERMAL ENERGY STORAGE 45 GWhPDF Image | THERMAL ENERGY STORAGE Outlook
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