In this study, the benefits and challenges of existing energy storage systems are presented. The environmental threats and the apparent unreliability of fossil fuel energy sources necessitate the need for alternative sources of electrical power. Energy storage has been sourced from mechanical, electrical, thermal, chemical, and electrochemical systems. Perhaps, an electrochemical energy storage system, is a better option toward achieving a net zero carbon‐dioxide emission by 2050. Energy storage sources, such as: batteries and supercapacitors, can be reliably fabricated from the hybrid of polymers and two‐dimensional materials for electric vehicles, aviation, and grid load balancing applications. The performances of lithium‐ion batteries are yet to meet the requirements for high‐duty machines and devices. Graphite, the anode of lithium‐ion batteries, suffers from low capacity and high volume‐expansion, resulting in cracking and fracture of the electrodes. Herein, based on evidence from literature, this study suggests substituting graphite with polymer nanocomposite or metal‐oxide nanocomposites such as: conducting polymers, copper oxide, and graphene. This approach, giving attention to these materials' excellent electrochemical, thermal, electrical, mechanical, and redox properties, offers possible ways to overcome the limited limitations confronting lithium‐ion battery technology.