Innovations in Geothermal Technology Pave the Way for Rapid Growth, Offering New Opportunities for Decarbonization and Energy Security
Eavor’s Closed-Loop Geothermal Technology Positions Them as a Key Player in the Drive for a Sustainable, Zero-Carbon Grid
CALGARY, Alberta, Canada – In a new report, the International Energy Agency’s (IEA) makes clear geothermal energy’s potential to contribute to a 100% clean energy grid. The report highlights how innovations in enhanced geothermal systems (EGS), advanced geothermal systems (AGS), and superhot rock technologies are expanding the accessibility and scalability of geothermal power across the globe.
While geothermal currently accounts for about 1% of global energy demand, the report highlights its potential to provide both heat and electricity with high efficiency and reliability. U.S. next-generation geothermal capacity alone could rise to 90 GW by 2050, thanks to technological advancements that reduce costs, minimize land use, and decrease reliance on critical minerals.
“With its high efficiency, ability to complement current energy infrastructure, and growing investment, geothermal is poised to become a key player in the global clean energy transformation,” said Jeanine Vany, Eavor co-founder and executive vice president of corporate affairs. “The IEA’s findings further validate the enormous potential of geothermal energy’s pivotal role in achieving a zero-carbon future. Our closed-loop systems unlock untapped resources while providing reliable, clean power without environmental trade-offs.”
Key findings of the report include:
- Next-generation geothermal could meet up to 8% of global electricity supply, with capacity projected to reach 800 GW globally by 2050.
- Geothermal’s stable and reliable baseload power source complements wind, solar, and other renewables, ensuring a secure, low-emission energy grid.
- In 2023, geothermal investments exceeded $47 billion, supporting over 140,000 jobs, primarily in developing and emerging economies, with potential for growth as technology costs for next-generation geothermal could decrease by up to 80% by 2035. This would make geothermal one of the cheapest dispatchable sources of low-emissions electricity, on a par or below hydro, nuclear and bioenergy.
- The full technical potential of next-generation geothermal systems to generate electricity is second only to solar PV among renewable technologies and sufficient to meet global electricity demand 140-times over.
- Geothermal energy leverages existing expertise and infrastructure from the oil and gas industry, creating significant opportunities for workers.
- Beyond electricity generation, geothermal heat contributes to building heating needs globally, with China and Iceland leading district heating applications.
