IEA Report Highlights Geothermal Energy's Potential for Global Electricity Demand
The International Energy Agency (IEA) projects that geothermal energy could meet 15% of global electricity demand growth by 2050 with a target of 800 gigawatts capacity. Current contributions stand at only 1%, indicating significant room for growth through technology and investment.
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The IEA's report identifies geothermal energy as a pivotal resource for sustainable power, projecting investments could reach $2.5 trillion by 2050. Employment in the sector may rise to 1 million jobs by 2030, driven by declining costs expected to hit $50 per megawatt-hour by 2035.
Currently, only 30 countries have supportive policies for geothermal energy, highlighting a need for improved regulatory frameworks. The oil and gas sector can leverage its expertise, potentially facilitating a transition into renewable energy. Enhanced policy support and strategic investments are essential to unlock geothermal's potential in the global energy market.
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