As COP28 shone the spotlight onto the ambitious targets set by the Heads of State and Governments Global Renewables and Energy Efficiency Pledge, wherein 123 countries recognised their commitment to maintaining global warming levels to within 2°C, work is only just beginning throughout the world’s energy network to increase the pace and deployment of renewable sources.
Currently, geothermal energy only accounts for 0.5% of global renewable installed capacity according to the International Renewable Energy Agency, signifying that there is significant room to increase deployment. According to the International Geothermal Association (IGA) there are currently 2,500 active deep geothermal wells globally, boasting an installed capacity of 173GW for heating and cooling purposes. While China is leading the localised heating system charge, the EU, USA and APAC regions are hot on its heels, offering an abundance of potential for geothermal extraction.
From an electrical standpoint, IGA states that there are currently 3,700 active geothermal wells globally boasting an installed capacity of 16.3GW. The US is the global front runner, generating more geothermally-charged electric power than any other region in the world, with that figure only set to increase. In line with the COP28 Renewables Pledge, IGA has promised to triple geothermal output by 2030, bringing overall electric power capacity up to 48GW, and total geothermal generation for heating and cooling systems up to 520GW. North America will prove to be a key player in meeting this target, becoming a driving force in boosting production via pilot projects and new technologies.
Offshore Network’s bespoke 2024 Geothermal Case Study Review shines the spotlight over North America, highlighting a selection of game-changing projects and the companies behind them, including Fervo Energy, GreenFire Energy, Baker Hughes and C Thermal.