Geothermal Energy To Address 15% of Electricity Demand by 2050: IEA

17 Dec 2024 CW Team

Geothermal energy has the potential to meet 15% of global electricity demand growth by 2050, with an estimated deployment of up to 800 gigawatts (GW) of capacity worldwide, according to a report by the International Energy Agency (IEA). The report, The Future of Geothermal Energy, highlights the role of emerging technologies and declining costs in advancing geothermal's share in the global energy mix. The projected capacity could generate electricity equivalent to the current combined demand of the United States and India, offering a clean, round-the-clock power source. Presently, geothermal contributes just 1% to global electricity needs. "New technologies are unlocking geothermal energy's potential, enabling it to meet a substantial portion of the world's growing electricity needs securely and sustainably," said Fatih Birol, IEA Executive Director. He added that the sector could attract $1 trillion in investments by 2035. The IEA projects geothermal costs could fall by 80% by 2035 to $50 per megawatt-hour (MWh), making it one of the most affordable low-emission power sources. This pricing would position geothermal competitively against hydropower, nuclear energy, and renewables like solar and wind when paired with battery storage. Total investments in geothermal energy could reach $2.5 trillion by 2050, with job creation in the sector expected to increase sixfold, reaching 1 million jobs by 2030. The report notes that 80% of the skills and technologies required for geothermal projects are transferable from the oil and gas industry, making this sector integral to accelerating geothermal adoption. "Geothermal represents a significant opportunity to leverage oil and gas expertise, mitigating risks associated with declining fossil fuel demand," Birol remarked. As a flexible, clean energy source, geothermal can complement intermittent renewables like wind and solar, as well as low-emission options such as nuclear power. Despite its advantages, the IEA observed that while over 100 countries have policies for wind and solar, only 30 have frameworks supporting geothermal development. The agency urged governments to streamline permitting processes, establish dedicated geothermal regulations, and provide long-term policy support to attract investment and mitigate early-stage risks. Currently, geothermal capacity is concentrated in geologically favorable regions like the United States, Iceland, Indonesia, Türkiye, Kenya, and Italy. However, advancements in technology are expanding geothermal's viability to nearly all countries. Nevertheless, significant barriers remain, including permitting and administrative delays that can extend project timelines to up to a decade. The report also highlighted geothermal’s potential in powering sectors like data centers for AI and the digital economy, with several technology companies already entering power purchase agreements with geothermal projects. (ET)

Geothermal energy has the potential to meet 15% of global electricity demand growth by 2050, with an estimated deployment of up to 800 gigawatts (GW) of capacity worldwide, according to a report by the International Energy Agency (IEA). The report, The Future of Geothermal Energy, highlights the role of emerging technologies and declining costs in advancing geothermal's share in the global energy mix. The projected capacity could generate electricity equivalent to the current combined demand of the United States and India, offering a clean, round-the-clock power source. Presently, geothermal contributes just 1% to global electricity needs. New technologies are unlocking geothermal energy's potential, enabling it to meet a substantial portion of the world's growing electricity needs securely and sustainably, said Fatih Birol, IEA Executive Director. He added that the sector could attract $1 trillion in investments by 2035. The IEA projects geothermal costs could fall by 80% by 2035 to $50 per megawatt-hour (MWh), making it one of the most affordable low-emission power sources. This pricing would position geothermal competitively against hydropower, nuclear energy, and renewables like solar and wind when paired with battery storage. Total investments in geothermal energy could reach $2.5 trillion by 2050, with job creation in the sector expected to increase sixfold, reaching 1 million jobs by 2030. The report notes that 80% of the skills and technologies required for geothermal projects are transferable from the oil and gas industry, making this sector integral to accelerating geothermal adoption. Geothermal represents a significant opportunity to leverage oil and gas expertise, mitigating risks associated with declining fossil fuel demand, Birol remarked. As a flexible, clean energy source, geothermal can complement intermittent renewables like wind and solar, as well as low-emission options such as nuclear power. Despite its advantages, the IEA observed that while over 100 countries have policies for wind and solar, only 30 have frameworks supporting geothermal development. The agency urged governments to streamline permitting processes, establish dedicated geothermal regulations, and provide long-term policy support to attract investment and mitigate early-stage risks. Currently, geothermal capacity is concentrated in geologically favorable regions like the United States, Iceland, Indonesia, Türkiye, Kenya, and Italy. However, advancements in technology are expanding geothermal's viability to nearly all countries. Nevertheless, significant barriers remain, including permitting and administrative delays that can extend project timelines to up to a decade. The report also highlighted geothermal’s potential in powering sectors like data centers for AI and the digital economy, with several technology companies already entering power purchase agreements with geothermal projects. (ET)

Infrastructure Urban

04 May 2026

Jyoti Structures FY26 profit rises 56.5%

Jyoti Structures (JSL) recently reported strong financial results for the quarter and year ended 31 March 2026, driven by disciplined execution, cost management and steady progress across its order book.For Q4 FY2025-26, total income rose 44.2 per cent to Rs 2.41 billion from Rs 1.67 billion in Q4 FY2024-25. EBITDA increased 58.6 per cent to Rs 237 million, while EBITDA margin improved by 89 basis points to 9.84 per cent. Profit before tax grew 53.3 per cent to Rs 188.5 million, and net profit rose 51.9 per cent to Rs 181.4 million.For FY2025-26, total income grew 53.1 per cent to Rs 7.72 bill..

Infrastructure Energy

04 May 2026

Cat BEPU to Power Doppstadt Separator at IFAT 2026

Caterpillar’s Cat Battery Electric Power Unit (BEPU) has been selected by Doppstadt to power its SWS 6 Spiral Shaft Separator, which will be showcased for the first time at IFAT 2026 in Munich, Germany, from 4–7 May.The compact plug-and-play BEPU is designed to replace a diesel engine within the same space, using the same mounting locations and relative machine position. It integrates the battery, motor, inverter, onboard charging, cooling and controls, enabling OEMs to electrify existing chassis platforms without extensive redesign.Caterpillar and Cat dealer Zeppelin Power Systems have be..

Infrastructure Urban

04 May 2026

VECV sales rise 6.9% in April 2026

VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, recorded sales of 7,318 units in April 2026, compared to 6,846 units in April 2025, registering 6.9 per cent growth. The total included 7,159 units under the Eicher brand and 159 units under the Volvo brand.Eicher branded trucks and buses reported sales of 7,159 units during the month, up 6.6 per cent from 6,717 units in April 2025. In the domestic commercial vehicle market, Eicher sales rose 8.6 per cent to 6,797 units from 6,257 units a year earlier.Exports declined 21.3 per cent, with VECV recording 362 units in ..