Wednesday, October 12, 2016

Finance: Geothermal Energy Development Might Accelerate Due to Climate Change Concerns - Report

World Energy Resources 2016 (World Energy Council)

In 2015, total power output totaled 75 TWh, the same number being also valid for total heat output from geothermal energy (excluding ground heat pumps). World geothermal heat use (direct & storage) reached 563 PJs in 2014.

Global investment in 2015 was US$2 billion, a 23% setback from 2014. During the period 2010-2014, around US$20 billion were invested in geothermal energy by 49 countries for both direct use and electric power.

Geothermal energy currently finds itself burdened by higher installation costs and longer development periods, relative to solar and wind. As a result, in many countries, geothermal energy projects have been and are reliant on government incentives in order to compete against both natural gas and other renewable generation.

The pace of geothermal development has been conditioned by legal frameworks and particularly by conservation legislation. However, the pace of development might accelerate due to climate change concerns and the increasing need to decarbonise the energy sector.

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