Report dismisses geothermal energy development
The world is approaching a watershed moment as energy demand is set to plateau from 2030, driven by greater efficiency with the wider application of electricity. A rapid decarbonization of the energy supply is underway with renewables set to make up almost half of the energy mix by 2050, although gas will become the biggest single source of energy.
Norwegian company DNV GL forecasts that renewables and fossil fuels will have an almost equal share of the energy mix by 2050. Wind power and solar photovoltaics (PV) will drive the continued expansion of renewable energy, whilst gas is on course to surpass oil in 2034 as the single biggest energy source. Oil is losing ground as a source of heat and power, and is set to flatten from 2020 through to 2028 and fall significantly from that point as the penetration of electric vehicles gains momentum. Coal use has already peaked.
"Geothermal energy... is a small energy source, producing only 0.50% of the world’s energy. A case could be made for oil and gas majors to explore
geothermal projects as strategic adjacencies, drawing on their drilling and large project capabilities. In the absence of developments in this vein, or of other breakthroughs, little new development is expected, and geothermal energy
will continue to be small throughout the outlook period."
(Thanks to GRC Member Marcelo Lippmann, Staff Scientist (retired) at Lawrence Berkeley National Laboratory for the submission.)