According to a new report from the International Energy Agency (IEA), new technologies are making it possible to harness the enormous potential of geothermal energy to provide clean and permanent electricity to nearly every country in the world.
Publish dateSaturday 14 December 2024 - 22:33
International Energy Agency:
Geothermal energy to provide 15% of world electricity by 2050
According to Amak News: This report titled "The Future of Geothermal Energy" recently published shows that geothermal energy can supply 15% of the growth in global electricity demand by 2050.
According to the IEA, this is of course possible if project costs continue to decline. This would mean the deployment of up to 800 GW of geothermal capacity globally, which would provide an annual output equal to the current electricity demand of the United States and India.
Currently, geothermal energy supplies about 1% of global electricity demand. However, according to a new country-specific analysis conducted in collaboration with the InnerSpace Project, next-generation geothermal technologies have the technical potential to meet global electricity and heat demand far beyond current needs.
IEA Executive Director, Fateh Biru, said that new technologies open new horizons for geothermal energy globally, making it possible to meet a significant portion of the world's growing electricity demand in a safe and clean manner.
He also noted that geothermal energy is a huge opportunity to tap into the technology and expertise of the oil and gas industry, and analysis shows that geothermal growth could generate $1 trillion worth of investment by 2035.
The report highlights that more than 100 countries have policies for solar and offshore wind, but only 30 have such policies for geothermal energy.
By addressing geothermal energy, costs could drop as much as 80 percent to around $50 per megawatt hour (MWh) by 2035, the report found.
Likewise, total investment in geothermal energy is projected to reach $1 trillion by 2035 and $2.5 trillion by 2050.
Likewise, if next-generation geothermal energy grows in the coming years, employment in the overall geothermal sector could increase sixfold to 1 million jobs by 2030.
The oil and gas industry can play a key role in making geothermal energy more competitive. Up to 80% of the investment required in geothermal involves capacity and skills that are transferable from existing oil and gas operations.
According to the IEA, this is of course possible if project costs continue to decline. This would mean the deployment of up to 800 GW of geothermal capacity globally, which would provide an annual output equal to the current electricity demand of the United States and India.
Currently, geothermal energy supplies about 1% of global electricity demand. However, according to a new country-specific analysis conducted in collaboration with the InnerSpace Project, next-generation geothermal technologies have the technical potential to meet global electricity and heat demand far beyond current needs.
IEA Executive Director, Fateh Biru, said that new technologies open new horizons for geothermal energy globally, making it possible to meet a significant portion of the world's growing electricity demand in a safe and clean manner.
He also noted that geothermal energy is a huge opportunity to tap into the technology and expertise of the oil and gas industry, and analysis shows that geothermal growth could generate $1 trillion worth of investment by 2035.
The report highlights that more than 100 countries have policies for solar and offshore wind, but only 30 have such policies for geothermal energy.
By addressing geothermal energy, costs could drop as much as 80 percent to around $50 per megawatt hour (MWh) by 2035, the report found.
Likewise, total investment in geothermal energy is projected to reach $1 trillion by 2035 and $2.5 trillion by 2050.
Likewise, if next-generation geothermal energy grows in the coming years, employment in the overall geothermal sector could increase sixfold to 1 million jobs by 2030.
The oil and gas industry can play a key role in making geothermal energy more competitive. Up to 80% of the investment required in geothermal involves capacity and skills that are transferable from existing oil and gas operations.
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Source : news agency wam
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