The importance of energy storage is based on its role in cost saving, environmental protection, efficiency optimization, and facilitation of technological advancement. These can be summarized into three areas of importance; economic, environmental, and sociological; which are also the pillars of sustainable development.
In this article, the importance of energy storage is discussed, as follows;
1). Economic Resilience (as part of the Importance of Energy Storage)
Energy storage helps to achieve economic resilience through waste reduction and facilitation of renewable options .
Through energy storage, the efficiency of industrial processes can be increased, since it reduces the total amount of energy that is expended (both useful energy and waste energy) in the course of industrial operations.
Given the socioeconomic value of energy resources like fossil fuels, energy storage can be seen as a major way to prevent resource depletion by conserving excess energy and reducing the need to extract more resources.
Lastly, energy storage benefits the economy by protecting environmental and human resources through the mitigation of environmental pollution and hazard risk. This prevents economic losses that could occur as a result of labor shortages due to health hazards, as well as environmental remediation and carbon tax costs.
2). Environmental Sustainability
Energy storage is good for the environment due to its tendency to support ecologic sustainability.
Energy storage mitigates the depletion of natural resources, as well as the rate and scale of energy resource exploration, which causes degradation in the form of oil spills and air pollution, among others.
Other types of environmental pollution like thermal pollution, are also mitigated when efficient energy storage is in place.
Energy storage can be seen as a measure of waste management in the energy sector, since it supports the recovery and use of waste energy.
3). Social Stability (as part of the Importance of Energy Storage)
The social importance of energy storage can be attributed to its ability to contribute to improved quality of life for the human populace.
One of the ways in which energy storage can improve the quality of life is through the creation of employment opportunities.
While it could be argued that wasteful energy consumption also creates jobs in the energy sector, the jobs created in energy storage are more sustainable and beneficial to the society in the long run.
Energy storage also improves the quality of life by reducing the effects of environmental pollution on human health. When energy is used conservatively, the risk of pollution is reduced, along with its negative socioeconomic impacts.
Lastly, energy storage is important to the society for its role in supporting the energy transition and technological advancement.
Artificial intelligence, smart grid, microgrid, renewable energy systems and electric cars are among the technologies supported by energy storage. These are all meant to serve as tools for the advancement of society.
The importance of energy storage can be summarized into;
1. Economic Resilience
2. Environmental Sustainability
3. Social Stability
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