In a recent report the International Energy Agency (IEA) shows how to grow global production of geothermal heat and electricity tenfold by 2050. If their recommendation will be followed the IEA believes that “geothermal energy can account 3.5% of annual global electricity production and 3.9% of energy for heat by 2050.”
Geothermal traditional technologies have focused on tapping underground sources with naturally occurring water or steam. According to the IEA the majority of geothermal energy is found in dry rocks and with a little research, development and government support this abundant source of geothermal energy could be exploited.
In its report the IEA calls for government to build incentives, feed-in tariffs to encourage geothermal technologies development that aren’t yet commercially viable. The other strongly recommendation is for a public accessible established global database to know worldwide geothermal resources map.
This report comes a week after the US Department of Energy injected US$70 million into advancement of geothermal energy technology and awarded Ormat Technologies, Inc. (NYSE: ORA) a conditional loan guarantee of US$350 million to develop geothermal energy projects that will combine to generate 121 MW of electricity.
Speaking about the findings and recommendations of this latest report and the proliferation of geothermal energy development, IEA Executive Director Nobuo Tanaka said, “This would be an important contribution to global efforts of reducing carbon emissions, using a sustainable and reliable source of energy that is available all over the world, and does not fluctuate with the weather or season.”