We are delighted to that this special IEA report issued today focuses on geothermal, describing it as a promising and versatile renewable energy resource with vast untapped potential for electricity generation, heating and cooling.
The report sets out that Geothermal has been a part of energy systems for more than 100 years, but it has played a limited role on a global scale. It concludes that the geothermal industry is at a critical juncture, but now with a number of key market conditions in its favour:
- Technology breakthroughs are unlocking huge potential for geothermal energy.
- Geothermal is a versatile, clean and secure energy source.
- The potential for geothermal is now truly global.
- Investment in geothermal is growing
- The oil and gas industry can play a key role in boosting the cost-effectiveness of geothermal
However, it also explains that to successfully scale up geothermal energy, a number of challenges
need to be addressed:
- Challenges related to permitting and environmental impacts need to be addressed
- Government support is needed to encourage investment and help reduce costs of next generation geothermal
This report adds to the growing recognition that Geothermal has an important part to play in the Global Energy drive towards Net Zero. Eden Geothermal has been a market leader for Deep Geothermal in the UK, it is great to see now that there is a desire to take the industry to the next level with the setting up of the All Party Parliamentary Group for Deep Geothermal and and the National Geothermal Centre.
