New tech set to unlock global geothermal potential – IEA report
Costs for geothermal power could fall 80 per cent by 2035 with the help of new technologies, according to a new report from the International Energy Agency.
In use for more than 100 years, geothermal energy is low carbon and abundant but has so far been confined to areas of volcanic activity or near to tectonic fault lines. The new report, The Future of Geothermal Energy, outlines how breakthrough drilling technologies could allow many more regions around the world to access geothermal power.
According to the IEA, growth in the sector could attract investment of $1 trillion over the next decade if these technologies are adopted, with costs dropping as low as $50 per MWh. Longer term, the report predicts that geothermal energy could meet 15 per cent of global electricity demand growth between now and 2050 if project costs continue to decline.
The IEA report also highlights how geothermal energy can draw upon the expertise of today’s oil and gas industries, harnessing existing drilling techniques and equipment to go deeper under the Earth’s surface.
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