Geothermal shows massive untapped potential in new analysis

• But right now it provides 1% of global electricity, and use is concentrated in a few countries.

🏒 State of play: "New drilling technologies exploring resources at depths beyond 3 km open potential for geothermal in nearly all countries in the world," IEA finds.

Stunning stat: "Up to 80% of the investment required in a geothermal project involves capacity and skills that are common in the oil and gas industry," report notes.

Reality check: Making geothermal competitive means greater government policy support, specialized labor, and major cost declines.

• One benchmark: with the "right support," IEA finds next-generation geothermal could get 80% cheaper by 2035.
• That could bring costs to roughly $50 per megawatt hour, "on a par or below hydro, nuclear and bioenergy."
• Among the many barriers: permitting and administrative red tape that can mean decade-long project timelines.

🔭 What we're watching: The report dives deeply into policy ideas for countries, such as financial risk mitigation and "remuneration" schemes that are currently far more common for solar and wind.

Full report