Report finds that geothermal energy could meet 15% of global energy demand through 2050
The Earth produces a lot of heat. Scientists believe our planet's inner core is nearly as hot as the sun. Radioactive particles in rocks slowly decay, constantly replenishing the heat. Geothermal energy harnesses that heat to create energy and warm homes and buildings.
However, geothermal energy isn't widely used despite being clean and renewable. It's expensive and often location-specific, usually near tectonic plate boundaries.
But according to a new report from the International Energy Agency (IEA), geothermal power could become a significant source of electricity for the world. The intergovernmental organization found that "geothermal energy could meet 15% of global electricity demand growth between now and 2050 if project costs continue to decline."
That would be enough power to meet the current demand of the United States and India combined. Unlike wind and solar, the IEA says geothermal can provide 24/7 energy generation. It also has the added benefit of heat production and storage.
"New technologies are opening new horizons for geothermal energy across the globe, offering the possibility of meeting a significant portion of the world's rapidly growing demand for electricity securely and cleanly," IEA Executive Director Fatih Birol said in a press statement.
The IEA says with more financial investment, the cost of geothermal energy could fall by 80%. And at a time when finding workers with green energy skills can be challenging, the report states "up to 80% of the investment required in geothermal involves capacity and skills that are transferrable from existing oil and gas operations."
"Geothermal is a major opportunity to draw on the technology and expertise of the oil and gas industry. Our analysis shows that the growth of geothermal could generate investment worth $1 trillion by 2035," Birol added.