IEA: Geothermal energy could cover 15% of growth in electricity demand

Geothermal energy could cover up to 15 percent of global growth in electricity demand by 2050. Expanding capacity could generate up to 800 gigawatts, equivalent to the amount of electricity consumed annually by India and the US combined. Such development will first require costs to come down. The International Energy Agency (IEA) said this in its report on the future of geothermal energy.

Geothermal energy is currently a greatly underused resource, meeting only around one percent of global electricity demand. IEA Executive Director Fatih Birol noted that the growth of geothermal energy could bring investment worth USD 1 trillion (CZK 23.8 trillion) by 2035.

According to the IEA, geothermal energy could draw on the expertise of today's oil and gas industry, for example by using existing drilling equipment. This could help reach deeper underground and tap vast low-emissions resources.

Most installed capacity is currently in countries with either volcanic activity or tectonic fault lines, which makes it easier to access resources. The current leaders in this area include the US, Iceland, Indonesia, Turkey, Kenya and Italy. New technologies, however, are opening up opportunities to use geothermal energy in almost every country.

The German government recently called for faster geothermal energy development and a quicker approval process for geothermal power plants, heat pumps and heat storage systems. The issue will be on the agenda at Monday's meeting of EU energy ministers, the DPA news agency reported.

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