The International Energy Agency (IEA) has released a report, “The Future of Geothermal Energy”, which highlights the potential of geothermal energy to meet 15% of global electricity demand growth by 2050. The report states that geothermal energy has the potential to deploy up to 800 gigawatts (GW) of capacity globally, generating annual electricity equivalent to the current demand of the United States and India combined. Geothermal energy is a clean and reliable source of power, with costs expected to drop by 80% by 2035, making it competitive with solar and wind energy. The report also notes that up to 80% of the investment required for geothermal projects involves skills and technologies transferable from the oil and gas industry. Governments are encouraged to streamline permitting processes and offer clear regulatory frameworks to attract investment and reduce early-stage project risks. The report highlights geothermal’s potential to power growing sectors such as data centers and its role in supporting intermittent renewables like wind and solar.
