Deserts alone receive solar energy in excess of 450 times our annual usage.

When factoring in wind energy on top of this, we have access to an abundance of renewable energy - much more than humanity will ever be able to use.

At the same time, the cost for solar panels and wind power has reduced so much that renewable energy is in many places cheaper than fossil fuels. So, why don't we just switch to renewables straight away?

The problem with almost all renewable energy resources is that they are intermittent - the sun doesn't shine at night and the wind doesn't always blow when we need energy. As a consequence, it is very challenging to match renewable energy supply and demand. The only solution to this dilemma is to store renewable energy in times of excess and then use it as needed.

Batteries are probably the most versatile and "elegant" form of energy storage. Unfortunately, batteries are still expensive and there are issues in terms of safety, recyclability and toxicity with the commonly used lithium-ion battery technology. 

When I talk with government and industry stakeholders about renewable energy solutions, it is always the cost of energy storage that seems to prevent implementation of the technology. However, in all of these calculations, the damage that we do by burning fossil fuels is never factored in.

Global warming is no longer a theoretical concept but something we experience in our everyday lives. What price tag can we put on drought-stricken farms, dying coral reefs and flooded towns? If we factored in the environmental damage of burning coal and oil, battery storage would suddenly look like a bargain.

A first call to action would be for our governments to put a realistic price on carbon dioxide emissions (e.g. put an emission trading scheme in place that is governed by damage that carbon emissions cause) and then actually implement it. Second, we need to invest in research that focusses on energy storage.

New technologies will not only reduce the cost of energy storage but will also offer solutions for the negative side-effects of lithium-ion batteries. Finally, I appeal to all those who can afford it to install renewable energy production and storage in their homes and businesses. Early adopters will pave the way for implementation and accelerate research and development.

Professor Thomas Nann researches nanotechnology and electrochemistry at the University of Newcastle.