Geothermal energy could power 15% of global demand

This source of energy is largely untapped, IEA said.

Geothermal energy is crucial to meet rising global power demand as it is projected to contribute 15% by 2050 from currently 1%  if project costs continue to decline.

According to the International Energy Agency’s report “The Future of Geothermal Energy,” this would mean the deployment of as much as 800 gigawatts of geothermal capacity worldwide, delivering annual output equivalent to the current electricity demand of the US and India combined.

Based on a new analysis conducted by IEA in collaboration with Project InnerSpace, the latest geothermal technologies have the technical potential to meet global electricity and heat demand many times over. Geothermal energy can also draw upon the expertise of today’s oil and gas industries by using existing drilling techniques and equipment to go deeper under the earth’s surface to tap into vast low-emissions energy resources.

The agency said total investment in geothermal could reach $1t by 2035 and $2.5t by 2050.

To boost its growth, IEA said there is a need for clear, long-term regulations. This can slash geothermal costs by 80% by 2035, making it a cheap, low-emissions power source competitive with hydropower, nuclear, and even solar and wind with storage.

There is also a need to address the lengthy permitting processes, which can take up to a decade to complete. To accelerate development, governments were told to consolidate and accelerate the administrative steps involved.