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The Future of Geothermal Energy: Unlocking Global Potential

The International Energy Agency (IEA) has released a report, "The Future of Geothermal Energy," highlighting the potential of geothermal energy in power generation, heating, and cooling. With advancements in technology and investment, geothermal could play a crucial role in the global clean energy transition.

Key Findings

• Massive Growth Potential: By 2050, geothermal could meet 15% of global electricity demand growth, reaching 800 GW of capacity.
• Reliable & Flexible Energy: Unlike solar and wind, geothermal provides round-the-clock power and supports grid stability.
• Expanding Beyond Traditional Markets: While concentrated in Iceland, the U.S., and Indonesia, new exploration techniques are unlocking resources in Africa, China, India, and the U.S.
• Rising Investment: With governments, utilities, and oil & gas companies entering the market, total investment could exceed $1 trillion by 2035 and $2.5 trillion by 2050.

Challenges & Opportunities

• High Initial Costs: Next-gen geothermal remains expensive, but oil & gas expertise and policy support could drive down costs.
• Permitting Barriers: Complex regulatory approvals slow deployment. Simplifying permits can accelerate growth.
• Environmental & Social Acceptance: Public engagement and safeguards are essential for responsible development.
• Workforce Development: The industry needs skilled engineers, geologists, and drillers—a potential transition opportunity for oil & gas workers.

Policy Recommendations

• Prioritize geothermal in national energy plans to accelerate deployment.
• Introduce risk mitigation measures and long-term revenue support.
• Simplify permitting and enforce environmental protections for responsible development.
• Encourage geothermal heat applications for industries and buildings.
• Boost R&D funding and invest in workforce training.