In this article, we will look into the 15 countries that produce the most geothermal energy in the world. If you want to skip our detailed analysis, you can go directly to the 5 Countries that Produce the Most Geothermal Energy in the World.
Global Geothermal Energy Outlook
According to the Global Geothermal Market and Technology Assessment report by the International Renewable Energy Agency (IRENA), electricity generation from geothermal energy has increased at a rate of 3.5% annually, reaching 15.96 gigawatt electric (GWe) of total installed capacity in 2021. It accounts for 0.5% of renewable installed capacity. The deployment of geothermal for heating and cooling increased at an average rate of 9% annually from 2015 to 2020, reaching 107 gigawatts thermal (GWth) in 2020.
The technical potential of hydrothermal and geothermal resources is estimated at 200 GWe and 5,000 GWth, respectively. According to the IPCC, geothermal energy can supply nearly 18% of the global electricity demand and cater to the electricity needs of 17% of the world's population. The environmental impacts of geothermal energy generation are considered benign. The life-cycle emissions of geothermal power plants with 100% reinjections are estimated at 11.3 grams of CO2 per kilowatt hour. Its water consumption and land requirement are estimated at 0.66 liters/kWh and 7.5 square kilometers/terawatt hour, respectively. Geothermal plants are capable of providing stable and reliable electricity by utilizing proper reservoir management, with a capacity factor of over 80%. In 2021, geothermal energy produced electricity at a Levelized Cost of Electricity (LCOE) of $0.068/KWh for newly commissioned plants. Integrating geothermal electricity into grids in the US can save around $21/kWh. Despite these benefits, it faces many challenges such as high upfront costs, technical hurdles, and long development timelines. However, these challenges present a variety of opportunities for major market players to improve technology and provide cost-effective techniques and methods, with the help of supportive policies. You can also look at the 20 Countries with the Highest Renewable Energy Consumption in the World.
Click here to read the original story on Insider Monkey by Meerub Anjum.
