IRENA - Global Geothermal Market and Technology Assessment 2023

The International Renewable Energy Agency (IRENA) has released a report on the global geothermal market, which provides an overview of the geothermal sector and its potential to contribute to the clean energy transition. The report reviews the status of geothermal technologies, analyses various markets to establish the place of geothermal in the global energy mix, and provides recommendations to guide policy makers, governments, potential investors, development partners and other stakeholders on how to promote growth of the geothermal market. Geothermal energy can and should play a greater role in meeting global energy needs – for both electricity and heating and cooling. Geothermal resources are widely available in areas with volcanic activity and in sedimentary basins. These attributes make geothermal a cost-effective and weather-independent source of renewable energy. Despite its advantages, geothermal energy development faces challenges that have limited its development, even in regions endowed with easily accessible resources. However, there are many opportunities to overcome these challenges to market growth. Examples include expanding and interconnecting regional electricity grids, leveraging oil and gas expertise and technology, recovering minerals from geothermal brines, increasing synergies with green hydrogen production, improving the efficiency of electricity production from medium-temperature geothermal resources, advancing research and development in enhanced geothermal systems, and promoting the use of geothermal resources for heating and cooling.