The European Investment Bank (EIB) Group supports a new EU-level initiative to scale up energy storage as part of the clean energy transition. Announced alongside the meeting of EU energy ministers in Luxembourg, the tripartite agreement brings together public authorities, energy storage and renewables developers, and financial institutions to accelerate storage deployment, strengthen the energy system, stabilise prices and reduce reliance on fossil fuels.
Energy storage plays a central role in integrating renewable energy and making electricity systems more resilient. It helps manage when energy is used — storing surplus electricity and releasing it when demand rises. This lowers costs for households and businesses while improving security of supply.
The agreement focuses on the period 2026–2028 and aims to speed up energy storage technology development, manufacturing and deployment across the EU, including through higher annual installation rates and more widespread use of storage in industry. It also seeks to build a stronger pipeline of projects and improve market conditions, so that storage solutions can be developed and financed at scale.
The EIB Group has worked closely with the European Commission and other partners in preparing the initiative and will continue to support its objectives through its financing and advisory activities. As part of this effort, it is looking at extending its €500 million pilot programme for corporate power purchase agreements to cover storage, broadening its €1.5 billion support for the European grid manufacturing supply chain to storage components, and backing the development of storage technologies through its financing instruments.
More broadly, financial institutions play a key role in scaling up energy storage by expanding financing programmes and improving the bankability of projects, in cooperation with public partners.
The initiative reflects a wider push at EU level to accelerate storage deployment. Current estimates suggest that around 200 GW of storage capacity will be needed by 2030, compared with around 55 GW installed today — underlining the scale of the challenge and the need for coordinated action.
While the agreement marks an important milestone in bringing together key actors, its impact will ultimately depend on implementation. In this respect, the EIB Group will continue to work with the Commission, Member States, and developers and manufacturers to support viable projects and help turn commitments into investment.