Iraq Fully Removes Import Tariffs on Solar Energy Systems
2026-10-28
Lead | On October 13, the International Renewable Energy Agency (IRENA) released the World Energy Transitions Outlook (WETO) 2026 in Abu Dhabi, stating that "a real energy transition is not simply adding clean capacity on top of the existing energy structure — it is about gradually phasing out fossil fuel systems." Regarded as a weathervane for the global energy transition, the report sets the tone for the international new energy industry this month: electrification, grids, energy storage, and energy efficiency must all accelerate in a coordinated manner.
The report also lays out the economics: under its 1.5°C scenario, cumulative annual investment must reach about USD 10.3 trillion between 2026 and 2050, yet global economic growth would run 1.1 percentage points higher per year than under a business-as-usual path, delivering cumulative gains of about USD 46 trillion by 2050. Renewable energy jobs could grow more than fivefold from the current ~16 million, and end-user electricity prices are expected to fall 15% by 2050.
Also in mid-October, on the sidelines of the 2026 World Energy Storage Conference, IRENA released the summary report Key Enablers of the Energy Transition: The "Storage+" Paradigm Through Cross-sector Synergy, jointly developed with more than ten international companies and organizations including CATL, introducing the "Storage+" concept for the first time. The report outlines four integration pathways: "Storage+Grid" enhances system resilience through grid-forming storage; "Storage+AI" supplies renewable power to data centers (AIDC) and smooths computing load fluctuations; "Storage+Transport" drives deep emissions cuts through V2G vehicle-grid interaction and electric vessels; and "Storage+Industry" builds 100% renewable energy units such as zero-carbon industrial parks and zero-carbon islands on the back of microgrids.
At the company level, LG Energy Solution announced preliminary results: Q3 revenue of KRW 9.64 trillion, up 59% year on year — a quarterly record — driven by steady growth in European power battery shipments and rapid expansion of its North American energy storage business. Hyundai Motor Group's head of R&D publicly stated that all-solid-state batteries are a "game changer" for the auto industry and that automakers must join this R&D race.
The IEA's World Energy Investment 2026 report projects global energy investment of USD 3.4 trillion in 2026, of which about USD 2.2 trillion flows to renewables, nuclear power, grids, storage, low-emission fuels, efficiency, and electrification — nearly twice the USD 1.2 trillion going to fossil fuels. By sector: renewable generation investment of about USD 665 billion (solar USD 365 billion, wind USD 200 billion, hydropower USD 75 billion); grid investment of about USD 550 billion, up roughly 20%; and battery storage investment surpassing USD 100 billion, up more than 35%, led by China, the United States, and Australia. The IEA notes that energy security concerns triggered by the Middle East situation are accelerating countries' shift toward domestic generation, grid build-out, and diversified supply routes.
Industry Watch
This month's international developments send three clear signals.
First, system-side value is coming to the fore — by calling grids, storage, flexibility, and efficiency the "backbone" rather than "accessories" of the transition, IRENA signals that competition in new energy is moving from "racing to install capacity" to "building systems."
Second, the coupling of storage with AI computing power has become the new narrative, with "Storage+AI" entering the policy toolbox of international institutions for the first time.
Third, capital structure validates the trend — investment growth in grids and storage is already significantly outpacing the generation side, confirming the industrial logic that "the bottleneck is the opportunity." For Chinese new energy companies, the window is opening to upgrade from single-equipment exports to exporting integrated "source-grid-load-storage solutions" in overseas markets.
