Monday, October 21, 2019

Finance: Geothermal Capacity Anticipated to Grow to 18 GW by 2024 - IEA

Booming Green Power Not Enough to Meet Climate Targets, IEA Says (Bloomberg)

Electricity capacity from renewable energy is set to expand by as much as 50% in the next five years, bolstered by government support and falling costs. But more would be needed to slow down warming of the globe, the International Energy Agency (IEA) said.

Those gains represent an increase of about 1,200 gigawatts from 2018 to 2024, equal to the total installed capacity in the U.S., according to a report published Monday by the Paris-based institution. Countries are adding more clean power as a key part of efforts to de-carbonize energy supply, but it’s still not fast enough, said the organization that advises rich nations on energy policy.

Geothermal capacity is anticipated to grow 28%, reaching 18 GW by 2024, with Asia responsible for one-third of global expansion, mainly through projects currently under construction in Indonesia and the Philippines, followed by Kenya, whose cumulative geothermal capacity is set to overtake Iceland’s during the forecast period. Pre-development-stage risks continue to be an important challenge, impeding the rapid development of untapped geothermal potential.