Geothermal energy is heat generated and stored in the Earth. It is also one of the many fossil-free, environmentally friendly, renewable energy sources that is as of today yet a rather untapped potential. The U.S. Department of Energy and the United States Geological Survey USGS estimate that if developed and utilized to its full potential, geothermal energy in the United States alone could provide the whole country with 10% of its required power. Not only is geothermal energy very low in emissions, making it one of the most valuable sources of renewable energy, but with advanced technologies this yet rather untapped source of energy can also contribute to efficient wastewater treatment and management. (U.S. Department of Energy 2014; USGS 2003).
BP Global states on its website that as a mature and well-established source of renewable energy, the overall potential of geothermal power in terms of electricity generation is higher than that of wind and solar energy. Despite of its tiny share (currently one per cent) of the total global energy mix, the role of geothermal energy is significant in a number of countries. Its power generation grew by 3.6% in 2016, and according to Renewable Energy World, geothermal energy is trending upwards. (BP 2017; Renewable Energy World 2017).
For instance in Chile, financial institutions are investing in geothermal energy in order to support the country in reducing its emissions with a target to meet the demands of the Paris Agreement, but also to expand the country´s energy portfolio. Between 2005 and 2015, the annual growth of geothermal power capacity worldwide averaged at 3.3%. Leading countries in terms of geothermal power capacity in 2016 were the United States, followed by the Philippines, Indonesia, New Zealand, Italy, Mexico, Turkey, Kenya, Iceland, and Japan. (BP 2017; Renewable Energy World 2017).
In its publication “World Energy Resources – Geothermal 2016”, the World Energy Council reveals that El Salvador plans for four tenths of the country´s energy coming from geothermal by 2020. India, on the other hand, has an ambitious goal for geothermal development by 2030. Outright, the total worldwide capacity of geothermal power is forecast to double. The World Energy Council sees that geothermal power development has been slowed down by conservative legislation and a lack of government incentives which, however, could see changes now that countries work towards decarbonizing the energy sector in order to meet the targets of the Paris Agreement, but also as an effort to diversify energy production and move towards clean(er) sources of power generation. Worthwhile to note, geothermal energy production releases very small amounts of greenhouse gases, and has few impacts upon the environment, allowing for renewable energy agencies to classify it as a renewable energy source. (World Energy Council 2016).
The World Energy Council estimates that in order to survive in the 21st century, the geothermal energy sector is obliged to innovate. Despite of its many advantages and many countries worldwide having access to geothermal power production, geothermal power production has historically primarily been used by countries that have lacked fossil fuel resources but have a high amount of geothermal energy resources, but also as a means to secure national energy resources as a part of a country´s energy infrastructure, and/or to diversify a country´s energy portfolio. While forecast that developing countries such as Kenya and Indonesia will tap into their abundant geothermal heat resources, advanced clean technologies and growing electrification of markets for instance in Europe will allow the geothermal energy sector to grow its capacity on developed markets as well. (World Energy Council 2016).
Geothermal power resources worldwide are estimated to contain 50.000 times more energy than all available oil and gas resources combined, speaking for the immense potential within the geothermal energy sector. In addition to being an environmentally friendly, renewable source of energy worldwide, unlike fossil-fuels such as coal, gas, and oil, advanced geothermal technologies are becoming cost-efficient. As of today, depending upon country and region, both access to funding and legislation are potential obstacles in terms of the geothermal energy sector to reach its full potential. (IRENA 2017).
Learn more by watching U.S. Department of Energy´s video “Energy 101: Geothermal Energy”:
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