The Future of Geothermal Energy

This special report focuses on geothermal, a promising and versatile renewable energy resource with vast untapped potential for electricity generation, heating and cooling. Geothermal has been a part of energy systems for more than 100 years, but it has played a limited role on a global scale. Now, the geothermal industry is at a critical juncture.

New technologies are enabling access to previously untapped resources, while cost reductions and innovative financing models are paving the way for increasing geothermal’s role in energy systems around the world. Additionally, techniques developed by the oil and gas industry – including a strong understanding of the subsurface, drilling and completing wells, predicting fluid flows and managing large-scale projects – can rapidly drive down costs and help tap geothermal resources deeper in the ground.

However, to successfully scale up geothermal energy, a number of challenges need to be addressed, including project development risks, permitting and licensing processes, environmental concerns and social acceptance. This report quantifies the technical and market potential of next-generation geothermal and suggests measures that could help reduce risks, accelerate innovation and increase the bankability of conventional and next-generation projects, allowing for wider geothermal uptake.